11. What is the purpose of the statement of retained earnings? 12. What are expenses? 13....
11. What is the purpose of the statement of retained earnings?
12. What are expenses?
13. In a T-account, how are debits and credits shown?
14. Which accounts have debit balances and which accounts have credit
balances?
15. What is the difference between and expense and a dividend?
16. Where does unearned revenue appear on the financial statements?
17. What is the relationship of expenses, revenues and dividends to retained
earnings?
18. What is the first financial statement prepared after the trial balance?
19. What accounts are shown on an income statement?
20. What accounts are shown on the retained earnings statement?
Homework Answers
Answer -11:
Meaning of Retained Earning- Firstly we have to know that what is Retained Earnings. Retained Earnings is that portion of profits which is not distributed to the shareholders of a company. It is an internal source of finance. A company can re invest that portion in any project or assets of company so that company can earn more profits from it.
Retained Earnings Statement:
Retained earning statement is a part of Financial Statements of any company. It is prepared by any company for determine change in the retained earnings over a period of time.
Purpose of preparing this statement to know changes in the Retained Earning over a period of time. So that company can decide how much profits can be used for further expansion of business . It can be used in dividend distribution in future when there is lack of profits . Company can use it in dividend distribution for maintaining a dividend rate.
Add Answer to:
11. What is the purpose of the statement of retained
earnings?
12. What are expenses?
13....
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11 and 12 11. Which of the following is not a temporary account? A. Retained earnings....
11 and 12
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Trial Balance and Income Statement. Within each section of the
statement, use the drop-down menus to enter the accounts in Chart
of Accounts order and select the account balances.
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11 and 12
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