7 Specify whether each of the following statements is true (T) or false (F). 1. The income statement represents the financial position of a business. 2. Retained earnings represent the lifetime profits of the business that have not been declared as dividends to the shareholders. 3. The proper way to write a date for a balance sheet as of the year ended December 31, 20XX is as follows: December 31, 20XX. 4. Fiscal year is another term for business year. 5. Accumulated depreciation is another term for depreciation expense. 6. Dividends declared is another term for dividends payable. 7. Cost of goods sold is another term for cost of sales. 8. Sales is another term for revenue. 9. Land is not depreciated in hospitality industry accounting. 10. The balance sheet shows revenue and expenses