27.

When reporting accumulated depreciation on the balance sheet

It will be added to the assets

It will be added to the liabilities

It will be subtracted from the liabilities

It will be subtracted from the assets

28.

Which of the following regarding retained earnings is true?

Retained earnings is increased by net income

Retained earnings is part of stockholders' equity on the balance sheet

Retained earnings represents earnings distributed to stockholders in the form of dividends

All of the above are true

29.

Which of the following is not a transaction that would be recorded in the accounting system?

		Receipt of an asset with a promise to pay at a later date
		A promise to provide a service to a customer in exchange for the customer's promise to pay
		Receipt of an asset in exchange for ownership in the business
		All of the above describe transactions that should be recorded in the accounting system