Suppose that company AA had retained earning of $20,000 on adjusted trial balance Their net income was $10,000, and they paid dividends of $5,000 in that accounting period How much is the balance of retained earning at the end of current accounting period $10,000 $15,000 $20,000 $25,000 The income statement columns of Bettys Beignets work sheet reflects the following totals Income Statement DR CR Totals $ 56,000 $ 72,000 The net income (or loss) for the period is Net income of $24,000 Net income of $16,000 Net loss of $16,000 Net loss of $24,000 When accounts payable increase during the year operating expenses on an accrual basis are higher than they are on a cash basis administrative expenses on an accrual basis are lower than they are on a cash basis net income on a cash basis is lower depreciation expenses on an accrual basis are higher than they are on a cash basis Hot Stuff Hot Wings reported net income of $50,000 for the year During the year, accounts receivable increased by $18,000, accounts payable decreased by $7,000 and depreciation expense of $10,000 was recorded Net cash provided by operating activities for the year is $15,000 $22,000 $25,000 $35,000 Which of the following groups would be considered internal users of a companys income statement Investors Creditors Operation managers Suppliers After all the closing entries have been posted, the balance of the Income Summary account will be A debit if a net income has occurred A debit if a net loss has occurred A credit if a net loss has occurred Zero When a company has Net Income ($60,000), Accounts Receivable increased by $30,000, and Accounts Payable increased by $30,000, net cash provided by operating activity is $0 True False

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Suppose that company AA had retained earning of $20,000 on adjusted trial balance. Their net income was $10,000, and they paid dividends of $5,000 in

Suppose that company AA had retained earning of $20,000 on adjusted trial balance. Their net income was $10,000, and they paid dividends of $5,000 in that accounting period. How much is the balance of retained earning at the end of current accounting period?

$10,000

$15,000

$20,000

$25,000

The income statement columns of Bettys Beignets work sheet reflects the following totals:

	Income Statement
	DR	CR
Totals	$ 56,000	$ 72,000

The net income (or loss) for the period is

Net income of $24,000

Net income of $16,000

Net loss of $16,000

Net loss of $24,000

When accounts payable increase during the year

operating expenses on an accrual basis are higher than they are on a cash basis

administrative expenses on an accrual basis are lower than they are on a cash basis

net income on a cash basis is lower

depreciation expenses on an accrual basis are higher than they are on a cash basis

Hot Stuff Hot Wings reported net income of $50,000 for the year. During the year, accounts receivable increased by $18,000, accounts payable decreased by $7,000 and depreciation expense of $10,000 was recorded. Net cash provided by operating activities for the year is

$15,000

$22,000

$25,000

$35,000

Which of the following groups would be considered internal users of a companys income statement?

Investors

Creditors

Operation managers

Suppliers

After all the closing entries have been posted, the balance of the Income Summary account will be

A debit if a net income has occurred

A debit if a net loss has occurred

A credit if a net loss has occurred

Zero

When a company has Net Income ($60,000), Accounts Receivable increased by $30,000, and Accounts Payable increased by $30,000, net cash provided by operating activity is $0.

True

False