Out of Texas had a very successful year and the board of dir…

Out of Texas had a very successful year and the board of directors declared and paid a cash dividend of $50,000.  The prior year, Out of Texas did not pay dividends on 400 shares of cumulative, 8%, $100 par, preferred stock.  How much of the cash dividends were paid to preferred shareholders?

McGee Company gathered the following data to prepare its 202…

McGee Company gathered the following data to prepare its 2024 statement of cash flows:   Net income $70,000 Depreciation expense 10,000 Accounts receivable decrease 5,000 Wages payable increase 6,000 Amortization of patent 2,000 Dividends paid 1,000 Income tax payable decrease 4,000 Based only on the above data, the net cash inflow from operating activities during 2024 was