Question 7 6.4 points Save Answer In the first year of operation, Cougar Corp. recorded $45,000 in net income and paid $12,000 in dividends. What is the balance of retained earnings at the end of the year after all closing entries? $0 $12,000 $33,000 $45,000 Question 8 6.4 points Which of the following best describes the content of the cash flow statement? It is a statement describing the cash inflows and outflows over a period of time. It is a statement which distinguishes between the company's cash and non-cash transactions. It is a statement which specifies who has the authority to withdraw and deposit funds from the company's bank account None of the listed statements are correct. Question 9 On which type of cash flow statement would you see a line "Cash Paid for Supplies"? Direct method Indirect method