Which of the following represents a form of communication through financial reporting but not through financial statements? a. Balance sheet. b. President's letter. C. Income statement. d. Notes to financial statements. Which of the following elements of financial statements is not a component of comprehensive income? a. Revenues b. Distributions to owners c. Losses d. Expenses Big-Mouth Frog Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is closed to Retained Earings, the amount of the debit or credit to Retained Earnings is a a. debit of $85,000 b. debit of $130,000. c. credit of $85,000. d. credit of $130,000. 9. Panda Corporation paid cash of $120,000 on June 1, 2017 for one year's rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2017 adjusting entry is a debit Prepaid Rent and credit Rent Expense, $50,000. b. debit Prepaid Rent and credit Rent Expense, S70,000. c. debit Rent Expense and credit Prepaid Rent, $70,000. d. debit Prepaid Rent and credit Cash, $50,000. 10. Which of the following items would be reported net of tax on the face of the income statement? a. Prior period adjustment b. Unusual gain c. Change in realizability of receivables d. Discontinued operations