Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

1.Which of the following statements is true? a. A balance sheet reports the total cash collected over an entire accounting period b. An income statement

1.Which of the following statements is true?

a. A balance sheet reports the total cash collected over an entire accounting period

b. An income statement reports the amounts of revenue earned and cash paid for expenses over a period of time

c. a retained earnings statement reports cash received from business operations and the amount of cash paid for dividend

d. a statement of cash flows explains the changes in cash and cash equivalents during a period.

2. How is the statement of retained earnings linked to the other financial statements?

a. the amount of retained earnings reported on the balance sheet is equal to net income

b. retained earnings is added to total assets and reported on the balance sheet

c. the total on the statement of retained earnings equals the amount of retained earnings on the balance sheet

d. there is no link between the retained earnings statement and the other statements, as each contains different accounts and provides different information.

sorry for 2 questions, im pretty sure what the first one is i just wanted a second opinion.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Debra C. Jeter, Paul Chaney

5th Edition

1118022297, 9781118214169, 9781118022290, 1118214161, 978-1118098615

Students also viewed these Accounting questions