Homework Answers
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| Que 21 | |||
| Correct answer is C. Plus Net Incom, Minus Dividends | |||
| Ending Retained earning formula: | |||
| Beginning Retained Earning | |||
| Add: Net Income | |||
| Less: Dividend | |||
| Ending Retained Earning | |||
| Assets, Liabilities, accruals etc are not considered for Ending Retained Earning. | |||
| Que 22 | |||
| Income before income tax | $500,000 | ||
| Less: Income tax 40% of 500000 | $200,000 | ||
| Net Income | $300,000 | ||
| Correct answer is C. | |||
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at the 21. The balance of retained earnings at the end of the year is determined...
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Below is the retained Earnings account for the year 2020 for Concord Corp. $259,910 Retained earnings,...
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The balance in retained earnings at the end of the year is determined by retained earnings at the beginning of the year. Multiple Choice Plus net income, minus dividends. Plus accruals, minus deferrals. Plus revenues, minus liabilities. Plus assets, minus liabilities. A prepaid expense is an expense: Multiple Choice Incurred before the cash is paid. O Incurred and paid Pald but not yet Incurred. O All of these answer choices are incorrect.
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