During that year it earned a net income from all sources amounting to $35, 000. In January, 1930, the board of directors declared a dividend of $10, 000 out of the 1929 profits. Would this dividend have been legal in your state? Answer.
|Title||:||C.P.A. Law Questions and Answers|
|Author||:||American Institute of Certified Public Accountants. Board of Examiners|