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7. Al the end of 2018 Collin Co Our company reported an ending balance for retained earnings of SaS0000 any reported the following amounts Dividends declared and paid and net income, S40,000. The 2019 statement of stockholders e n ending balance for retained earnings of A) $190.000 $110,000 C) $170.000 D) $40.000 which of the following statement is true about earnings share of comme A) it is the only ratio required to be disclosed on the statement B) It is computed by divid share of common stock? disclosed on the income statement or in the footnotes to c) Puted by dividing net income by weighted average common shares outstanding amount of earnings on a per common share basis and is of great importan to investors D) All of the above are true 9. When converting revenues and ex ing revenues and expenses to cash received and paid under the direct method of counting for cash flows from operating activities, the changes in revenues and exper caused by accruals and deferrals is classified as A) investing activities B) financing activities C) operating activities D) all of the above activities are affected by accruals and deferrals 10. Which of the following errors would most likely lead to an overstatement of income? A) Recording revenue next period when the cash is collected although it is earned in the current year B) Recording an expense incurred this year when the cash is paid next year C) Failure to adjust deferred rent revenue account for the portion of rent earned this year D) None of the above leads to overstated income this period 11. Closing entries A) are required to reduce the balances in the nominal accounts to zero at the end of each period. 8) transfer the components of net income to a stockholders' equity account each period. c) are required so that the income statement accounts will be prepared to collect revenue and expense amounts for the subsequent period. D) All of the above are correct. 12. At the end of 2015, the following data were taken from the accounts of Sante Fe Trading Company Contributed Capital $ 285,000 Retained earnings, beginning balance January 1, 2015 200,000 Total revenue earned during 2015 850,000 Total expenses incurred during 2015 790,000 Total cash collected during 2015 870,000 The 2015 closing entries would include a A) $80,000 net credit to Retained earnings. B) $80,000 net debit to Retained earnings. C) $60,000 debit to Retained earnings. D) $60,000 credit to Retained earnings. Before the closing entries were made at the end of 2019, the following data were taken from 13