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No marks will be allocated for incorrect answers or calculations. Which of the following statements regarding retained earnings are correct? Retained earnings is a component of stockholders' equity on the balance she Retained earnings is increased by net income Retained earnings is an asset on the balance sheet IV. Retained earnings represents earnings not distributed to stockholders in the form of dividends C. I & IV D. I, II & IV Which of the following statements regarding treasury stock is true? Treasury stock is considered to be issued, but not outstanding Treasury stock has no voting, dividend, or liquidation rights. Treasury stock reduces total shareholders' equity on the balance sheet. IV. Treasury stock increases total shareholders' equity on the balance sheet. A. I & IV D. I, II & IV Which one of the following accounts is recorded when a concert promotions company collects cash for ticket sales two months in advance of the show date? Accrued Income Accounts Receivable Prepaid Expense Income received in advance On the last day of the financial year, ABC Limited receives a bill for R70 000 for advertising done during the current year. If this bill is not yet recorded at the end of the year, what will he adjusting journal entry include? Debit: Advertising Expense; Credit: Accrued Expense. Debit: Advertising Expense; Credit: Accounts Payable. Debit: Accrued Expense; Credit: Advertising Expense. Debit: Accounts Payable; Credit: Advertising Expense