At the beginning of the year, Entity K had a retained earnings balance of $450,000. During the year, the following occurred: Revenues $125,000 Expenses $145,000 Cash dividends to shareholders $14,000 Purchase of equipment (copier) $5,000 What is ending retained earnings? $416,000 $411,000 $456,000 $451,000 QUESTION 14 Under the cash basis of accounting Revenues are recognized only when performance obligations are satisfied. Expenses are recognized only when incurred. Expenses must be matched against the revenue produced. Cash must be received before revenues are recognized. QUESTION 15 Entity N's employees work a five-day workweek and the total weekly payroll (paid on Fridays) is $6,000. March 31, 2021 in on Wednesday. If the proper monthly adjusting entry is not made, Net income will be overstated. Net income will understated. Net income will be correct because no cash has been paid to the employees. Current liabilities will be overstated. When reconciling the bank ledger account and the bank statement, if both are in overdraft, unpresented cheques will be: Select one: O a. deducted from the bank statement balance in the reconciliation. O b. added to the bank statement balance in the reconciliation. O c. added to the general ledger bank balance. O d. deducted from the general ledger bank balance. Number the steps in the accounting cycle in their proper sequence from 1 through 9. Prepare an adjusted trial balance Journalize and post closing entries Post transaction entries to the general Ledger accounts Prepare a post-closing trial balance Journalize the transactions Prepare financial statements Analyze business transactions Journalize and post adjusting entries Prepare an unadjusted trial balance 4 P I