Question

X Blackboard + → XCO Question Completion Status: Ending stockholders' equity may be found in the: A A. statement of retained earnings . B. balance sheet C. income statement OD. Two of the above E. None of these QUESTION 10 Net income may be found in the: A balance sheet and income statement OB. Income statement and statement of retained earnings C. Income statement and balance sheet D. balance sheet and statement of retained earnings E. None of these. QUESTION 11 Which of the following are NOT a Statement of Cash Flow purpose or goal? a. predict future cash flows b. reconciles with retained earnings c. used in management decisions d. predicts ability to pay for lenders and stockholders Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Answer 1

Sol:

Question-10= C i.e always Net income would be appear in balance sheet and statement of income, its would be prepared to find out tax liability of the company, accordingly tax would be paid.

Question-11=B, reconcile with retained earning is not prepared as part of statement of cash flow statement purpose, it would be prepared for other information concern.

Question-2=D, The income summary account will be prepared to find the net income of the company and it the entry would be receive only during the closing process.