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evablogger [386]
3 years ago
7

Illustrate your understanding of how to use the adjusted trial balance to prepare a statement of retained earnings by completing

the following sentence. In order to prepare the statement of retained earnings, the balance of the________________. (Retained earnings / Cash) account balance as well as any debit balance in th_______e (Dividends / Supplies) account is transferred from the adjusted trial balance and is used along with the reported net income (loss) from the Income statement.
Business
1 answer:
ki77a [65]3 years ago
5 0

Answer:

a. Retained earnings

b. Net income

Explanation:

The statement of the retained earning is shown below:

Retained Earning statement

For the year ended

Beginning balance of retained earning XXXXX

Add: Net income  XXXXX

Less: Cash Dividend paid  XXXXX

Ending balance of retained earning  XXXXX

With the help of the retained earning, net income, and the dividend the statement of the retained earnings should be prepared.

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The elements that would have to be in place for a contract to be unconscionable would be that

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In order to be a contract, one person would have to create a bargain and the other would be the one that would agree to the terms.

It is unconscionable at the time when the contract is done and the person or one of the parties is found not to have been able to make the contract agreement at their right frame of mind. In this case, the law has the power to protect this party.

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