Questions: Multiple Cholce Questlon Identify which of the following lists of accounts would belong on the statement of retained earnings. Retained earnings and Dividends Dividends and Account Payable Service Revenue and Wages Expense Retained earnings and Cash

Multiple Cholce Questlon Identify which of the following lists of accounts would belong on the statement of retained earnings. Retained earnings and Dividends Dividends and Account Payable Service Revenue and Wages Expense Retained earnings and Cash
Transcript text: Multiple Cholce Questlon Identify which of the following lists of accounts would belong on the statement of retained earnings. Retained earnings and Dividends Dividends and Account Payable Service Revenue and Wages Expense Retained earnings and Cash
failed

Solution

failed
failed

The answer is the first one: Retained earnings and Dividends.

Explanation for each option:

  1. Retained earnings and Dividends: This is the correct answer. The statement of retained earnings includes the beginning retained earnings, any net income or loss, dividends paid, and the ending retained earnings. Dividends are subtracted from retained earnings, so both are relevant to this statement.

  2. Dividends and Account Payable: This is incorrect. While dividends are relevant to the statement of retained earnings, accounts payable is a liability account that appears on the balance sheet, not on the statement of retained earnings.

  3. Service Revenue and Wages Expense: This is incorrect. Both service revenue and wages expense are part of the income statement. They are used to calculate net income, which is then used in the statement of retained earnings, but they do not appear directly on the statement of retained earnings.

  4. Retained earnings and Cash: This is incorrect. While retained earnings are part of the statement of retained earnings, cash is an asset account that appears on the balance sheet, not on the statement of retained earnings.

In summary, the statement of retained earnings focuses on retained earnings and dividends, making the first option the correct choice.

Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
Under which condition below would you expect a coarse-grained intrusive rock like diorite to form? A. Lava slowly flowing out of a fracture in Earth's surface B. Quick cooling below Earth's surface C. Slow cooling in the upper mantle D. Within a zone of fractured rocks below Earth's surface
failedAnswered
Suppose a company needs temporary passwords for the trial of a new payroll software. Each password will have two digits followed by two letters. The letters J, K, and L and the digits 3 and 6 will not be used. So, there are 23 letters and 8 digits that will be used. Assume that the letters and digits can be repeated. How many passwords can be created using this format?
failedAnswered
Which of the following statements best explains how Justice Brown would defend the railroad company's rule separating people by race? A. He would argue racism is so common it should be acceptable. B. He would say the rule should be just be ignored. C. He would say it is the responsibility of the two races themselves to find reasons to appreciate one another and abolish these differences. D. He would argue that the railroad company should apologize to their workers.
failedAnswered
The ? calls special elections when vacancies in the representation of any state occur in Congress. Speaker of the House state governor Vice President
failedAnswered
Three-circle, red-on-white is one distinctive pattern painted on ceramic vessels of the Anasazi period found at an archaeological site. Suppose that at one excavation, a sample of 161 potsherds indicated that 70 were of the three-circle, red-on-white pattern. (a) Find a point estimate p^- for the proportion of all ceramic potsherds at this site that are of the three-circle, red-on-white pattern. (Round your answer to four decimal places.) (b) Compute a 95% confidence interval for the population proportion ρ of all ceramic potsherds with this distinctive pattern found at the site. (Enter your answer in the form: lower limit to upper limit. Include the word "to." Round your numerical values to three decimal places.)