Which of the following statements is correct? None of the statements in this list are correct. Retained earnings on the balance sheet reflects the sum total of the net income of the company since its incorporation. Retained earnings on the balance sheet reflects the sum of all net income less dividends paid that the company has earned since its incorporation. Retained earnings is net income minus dividends paid for the current year. Retained earning on the balance sheet reflects the amount of cash the company has available to spend on capital projects