Question
In: Accounting
Which of the following statements about the statement of retained earnings is false? A. It covers...
Which of the following statements about the statement of retained earnings is false?
A. It covers the same time period as the income statement and provides a link between the income statement and the balance
sheet.
B. It need not be prepared if a separate statement of stockholders' equity is prepared.
C. It shows whether a corporation has sufficient funds to pay a cash dividend.
explain
Solutions
Expert Solution
Statement of retained earnings is a financial statement which shows the changes in retained earnings of a company from begining of company's incorporation. Profit calculated in statement of profit and loss is also transferred to statement of retained earnings. Dividends are paid from retained earnings.
As it is discussed in above para that it is prepared from begining of company's incorporation. Option 1 is false
ekkarill92 answered 2 years agoRelated Solutions
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Statement of retained earnings :
Rolt Company began 2019 with a $105,000 balance in retained earnings. During the year, the following events occurred:
1. The company earned net income of $86,000.
2. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $9,590 after related income taxes of $4,110.
3. Cash dividends totaling $12,000 and stock dividends totaling $18,500 were declared.
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Statement of retained earnings
Statement of retained earnings
Statement of retained earnings. Use the data from the following financial statements in the popup window,...
Statement of retained earnings. Use the data from the following
financial statements in the popup window, LOADING.... The company
paid interest expense of $ 18 comma 400 for 2017 and had an overall
tax rate of 40 % for 2017. Complete the statement of retained
earnings for 2017, and determine the dividends paid last year.
Partial Income Statement Year Ending 2017
Sales revenue
$350,000
Cost of goods sold
$142,000
Fixed costs
$43,200
Selling, general, and administrative expenses
$27,800
Depreciation
$46,200...
Statement of retained earnings. Use the data from the following financial statements in the popup window,...
Statement of retained earnings. Use the data from the following
financial statements in the popup window, LOADING.... The company
paid interest expense of $ 17 comma 600 for 2017 and had an overall
tax rate of 40 % for 2017. Complete the statement of retained
earnings for 2017, and determine the dividends paid last year.
Partial Income Statement Year Ending 2017
Sales revenue
$350,100
Cost of goods sold
$141,800
Fixed costs
$42,800
Selling, general, and administrative expenses
$27,900
Depreciation
$45,900...
Statement of retained earnings. Use the data from the following financial statements in the popup window,...
Statement of retained earnings. Use the data from the following
financial statements in the popup window,
LOADING...The company paid interest expense of $18,000 for
2017and had an overall tax rate of 40 % for 2017. Complete the
statement of retained earnings for 2017, and determine the
dividends paid last year.
The distributed earnings is . (Round to the nearest
dollar.)
Complete the statement of retained earnings: (Round to the
nearest dollar.)
Statement of Retained Earnings
Year Ending December 31, 2017...
income statement and retained earnings statement
Misclassifcations Roz Corporation's Multiple-Step income statement and retained earnings statement for the year ended December 31, 2019 as developed by its bookkeeper are shown here:
Revenue StatementDecember 31, 2019
Sales (net)
$179,000
Plus: Income from operations of discontinued Division P (net of $960 income taxes)
2,240
Less: Dividends declared ($1.50 per common share)
(7,500)
Net revenues
$173,740
Less: Selling expenses
(19,000)
Gross profit
$154,740
Less Operating expenses:
Interest expense
$4,100
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Which of the following statements is most correct? Equity generated by retained earnings is costless. For-profit...
Which of the following statements is most
correct?
Equity generated by retained earnings is costless.
For-profit firms should always retain the full amount of net
income and reinvest it in the business.
For-profit firms should always pay out the full amount of net
income as dividends.
For-profit firms should distribute net income through dividends
if they cannot earn as much as stockholders could in similar-risk
investments.
None of these statements are correct.
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Which of the following statements is
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Select one:
a. Earned Capital consists of Retained Earnings and Accumulated
Other Comprehensive Income.
b. Shares of Treasury Stock cannot be reissued in the stock
market.
c. Treasury Stock is comprised of shares that the firm
repurchases in the stock market.
d. Unrealized increases and decreases in value on securities
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XYZ, Inc.
Balance Sheet
As of December 31, 2018
Assets:
Liabilities and Shareholder's Equity:
Cash
$12,000
Accounts payable
$2,000
Accounts receivable
22,000
Salaries payable
6,000
Supplies
7,000
Utilities payable
1,000
Land
18,000
Notes payable
25,000
Equipment (net)
30,000
Common stock
42,000
Retained earnings
13,000
Total assets
$89,000
Total liabilities & stockholder's equity
$89,000
XYZ, Inc.
Income...
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