Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1)During the year,EcoDryEcoDry Corporation has $330,000in revenues, $140,000in expenses, and $2,000 in dividend declarations and payments. Net income for the year was: A.$330,000. B.$190,000. C.$142,000.
1)During the year,EcoDryEcoDry
Corporation has $330,000in revenues, $140,000in expenses, and $2,000 in dividend declarations and payments.
Net income for the year was:
A.$330,000.
B.$190,000.
C.$142,000.
D.$192,000.
2) What item flows from the statement of retained earnings to the balance sheet?
A.Dividends
B.Net income
C.Retained earnings
D.Cash
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started