The income statement is like a snapshot of the company's financial condition at a specific moment in time (usually the month-end or year-end).* True False Unearned Revenues are payments that are recorded as an asset to show the service or benefit the company will receive in the future, and prepaid expenses are cash received before services are performed. * True False If a company pays a dividend of $20,000 to its shareholders, it will debit Cash by $20,000 and credit Retained Earning by $20,000.* True P O False