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Business, 12.03.2021 21:50 annan65

Phillips Rock and Mud is trying to determine the maximum amount of cash dividends it can pay this year. Assume its balance sheet is as follows: Assets Cash $ 354,000 Accounts receivable 864,000 Fixed assets 1,049,000 Total assets $ 2,267,000 Liabilities and Stockholders' Equity Accounts payable $ 475,000 Long term payable 312,000 Common stock (280,000 shares at $1 par) 280,000 Retained earnings 1,200,000 Total liabilities and stockholders' equity $ 2,267,000 a-1. From a legal perspective, what is the maximum amount of dividends per share the firm could pay

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