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exis [7]
4 years ago
14

Lorna just finished compiling her company’s income statement for the month ended March 31. Her next step in preparing the compan

y’s financial statements should be to A : subtract the company’s net income for March from the company’s retained earnings as of March 31. B : subtract the company’s net income for March from the company’s retained earnings as of March 1. C : add the company’s net income for March to the company’s retained earnings as of March 31. D : add the company’s net income for March to the company’s retained earnings as of March 1.
Business
1 answer:
shepuryov [24]4 years ago
3 0

Answer:

D : add the company’s net income for March to the company’s retained earnings as of March 1.

Explanation:

After preparing the income statement, the next step is to add the net income at the beginning retained earnings balance to find out the ending retained earnings balance.

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

Thus, all other options are incorrect except option D

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Review the following statements and select the ones which accurately describe a Petty Cash fund. Select all answers which apply.
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Answer:

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Petty cash fund appears in the balance sheet on the current assets section. This is because line items in the balance sheet are sorted according to their order of liquidity. Since petty cash is highly liquid, it always appears near the top of the balance sheet.

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