Norris Company Declared Cash Dividends of $60,000 During the Year

Multiple Choice

Norris Company declared cash dividends of $60,000 during the year. Cash dividends payable were $20,000 at the beginning of the year and $25,000 at the end of the year. The amount of cash Norris Co. used for payment of dividends during the year was

A) $55,000
B) $80,000
C) $105,000
D) $65,000