10. The following information relates to the Smith Company for 2021:$ 1,600Cash dividend declared for 2021Retained earnings, January 1, 2021Net income for 20214,6801,920Retained earnings, December 31, 2021?What was the December 31, 2021, balance of retained earnings?a. $4,360b. $4,680c. $5,000d. $8,20011. The method of valuation under the US GAAP is1. accounts receivable at net realizable value.2. short-term marketable securities at fair value.3. inventories at current cost if current cost is higher than historical cost.a.b.C.d.1 and 22 and 31 and 31, 2, and 3

Lets understand the basics. Retained earning is a earning retained over a period of time. In other…

10. The following information relates to the Smith Company for 2021: Cash dividend declared for 2021 $ 1,600 4,680 1,920 ? Retained earnings, January 1, 2021 Net income for 2021 Retained earnings, December 31, 2021 What was the December 31, 2021, balance of retained earnings? a. $4,360 b. $4,680 c. $5,000 d. $8,200

10. The following information relates to the Smith Company for 2021: Cash dividend declared for 2021 $ 1,600 4,680 1,920 ? Retained earnings, January 1, 2021 Net income for 2021 Retained earnings, December 31, 2021 What was the December 31, 2021, balance of retained earnings? a. $4,360 b. $4,680 c. $5,000 d. $8,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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