FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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TRUE OR FALSE?
Dividends declared is an addition to
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- Why do gains and losses go below "operating income" on the income statement?arrow_forward8. Realized gains and losses on investments available for sale are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra assetarrow_forwardAssuming the current ratio equals 2, which of the following would cause the current ratio to increase? O Accrual for payroll. Declaration of cash dividend. O Payment for inventory purchased on account. O Inventory purchased on account.arrow_forward
- What is the opening balance of retained earnings and what does it indicate? Is it the the same as beginning balance? & What does ending balance indicate as well? Please explain. Thank youarrow_forwardWhich of the following is a connector account? Retained Earnings O Prepaid Rent O Common Stock O Bond Payable O Accumulated Depreciationarrow_forwardHow do we date our financial statements? a Income Statement Specific date; Statement of Retained Earnings and Balance Sheet: Period of time. b Income Statement Specific period of time; Statement of Retained Earnings and Balance Sheet: Specific date c Income Statement and Statement of Retained Earnings: Specific date; Balance Sheet: Period of time. d Income Statement and Statement of Retained Earnings: Period of time; Balance Sheet: Specific date.arrow_forward
- A statement of retained earnings is used to explaind the change in the amount of retained earnings between two successive balance sheet dates. True ir false?arrow_forwardProfit appears on which of the following statements)? A) Statement of changes in equity B) Both an income statement and statement of changes in equity C) Income statement D) Balance sheet E) Statement of cash flowsarrow_forwardWith which equation can be calculated from the final balance sheet, beginning balance sheet and the net profit of a period, if the company gave dividends?arrow_forward
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