Identify which of the following items would be reported as additions or deductions in a Retained Earnings Statement.Additions or Deductions1.Net Income2.Net Loss3.Cash DividendsStock Dividends

Step 1:1. Net income:Net income represents the amount of profit earned by the company during the…

Answered: Identify which of the following items…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings

Section: Chapter Questions

Problem 11RQ

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Which statement is most directly affected by a change to net income? A. balance sheet B. income statement C. statement of retained earnings D. statement of cash flows
On which financial statement would the Dividends account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
On which two financial statements would the Retained Earnings account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
What are the distinctive features of ToyJoys income statement? Its statement of retained earnings? Its balance sheet?
Which of the following financial statements should be prepared first? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.
A prior period adjustment should be reflected, net of applicable income taxes, in the financial statements of a business entity in the: a. retained earnings statement after net income but before dividends b. retained earnings statement as an adjustment of the opening balance c. income statement after income from continuing operations d. income statement as part of income from continuing operations
On which financial statement would the Accumulated Depreciation account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
What item flows from the income statement to the statement of retained earnings?a. Cashb. Dividendsc. Net incomed. Inventory
What item flows from the statement of retained earnings to the balance sheet?a. Cashb. Dividendsc. Net incomed. Retained earnings
Which of the following statements regarding net income transferred to retained earnings is correct? A) Net income = net income transferred to retained earnings - dividends B) Net income transferred to retain earnings = net income + dividends C) Net income = net income transferred to retain earnings + dividends D) Net income transferred to retain earnings - net income = dividends
from an analysis of the retained earnings columns, compute the net income or net loss

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Identify which of the following items would be reported as additions or deductions in a Retained Earnings Statement. Additions or Deductions 1. Net Income 2. Net Loss 3. Cash Dividends Stock Dividends