Question
ABC firm reports $2000 of revenues and $1000 of expenses for the month of August. It reports $1000 of retained earnings on August 1st. It
ABC firm reports $2000 of revenues and $1000 of expenses for the month of August. It reports $1000 of retained earnings on August 1st. It also distribute $200 of dividends in that month. Which of the following is NOT true?
The firm has a net income of $1000 for August.
The ending retained earnings is $1800 at Aug31
The shareholders of the firms should be happy to receive dividends.
The firm has a net income of $800 for August.
ABC firm reports $2000 of revenues and $1000 of expenses for the month of August. It reports $1000 of retained earnings on August 1st. It also distribute $200 of dividends in that month. Which of the following is NOT true? The firm has a net income of $1000 for August. The ending retained earnings is $1800 at Aug31 The shareholders of the firms should be happy to receive dividends. The firm has a net income of $800 for AugustStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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
International Accounting
Authors: Radebaugh
4th Edition
0471136646, 9780471136644
