Homework Answers
The correct answer is a) Profit for the year.
Supporting explanations:
All the expenses are deducted from the revenues to arrive the profit before taxes and taxes for that period is calculated and deducted from the profit before tax in order to arrive the Profit for the year and then dividends are deducted and the balance amount is added to the beginning retained earnings to arrive the ending retained earnings.
The same is shown below -
| Revenues | XXXX |
| Less: Expenses | XXXX |
| Profit before Taxes | XXXX |
| Less: Income Taxes | XXXX |
| Profit for the year | XXXX |
| Less: Dividends | XXXX |
| Income added to the retained earnings | XXXX |
Therefore, dividends are deducted from the Profit for the year only so the correct answer is a) Profit of the year.
Add Answer to:
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