Identify the choice that best completes the statement or anrwers the question Please use the following information to answer questions 1 Retained Earnings: $3,550,000 Dividends: 40,000 Fees Earned 1,145,000 Wage Expense: 740,000 Rent Expense: 65,000 Supplies Expense: 14,750 Miscellaneous Expense: 8,800 1. The journal entry to close the wage expense account is: a. credit wage expense, debit retained earnings b. debit wage expense, credit retained earnings c. debit wage expense, credit wages payable none of the above 2. The assets section of the balance sheet normally presents assets in alphabetical order b. a. order of largest to smallest dollar amounts in the order that they will be converted into cash or used in operations d. c. any order profitable or not during a specific period of 3. A financial statement user would determine if a company was time by reviewing the income statement b. the balance sheet c. the statement of cash flows d. the retained earnings statement a. If stockholders wanted to know how money flowed into and out of the company, what financial statement would they use? 4. a. income statement b. statement of cash flows c. balance sheet d. none of these 5. Which of the following concepts relate to how long lived assets are reported? a. cost concept b. unit of measure concept c. business entity concept d. objectivity concept