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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 20MC: Which of the following is a measurement of earnings that represents the profit before interest,...

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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
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
Which of the following would appear first in a statement of retained earnings? a. Net income b. Prior period error c. Cash dividend d. Share dividend
The numerator of the return on total assets is a. net income b. net income plus tax expense c. net income plus interest expense d. net income minus preferred dividends
Revenues and expenses may be transferred to the ________ account before their final transfer into the Retained Earnings account. A. Dividends B. Income Summary C. Net Income D. Assets

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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