Question

The balance of the dividends account on the adjusted trial balance of the end-of-period spreadsheet flows...

The balance of the dividends account on the adjusted trial balance of the end-of-period spreadsheet flows into which of the following financial statements?

a.The balance sheet

b.The income statement

c.The statement of stockholders' equity'

d.All of these financial statements are correct.

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Answer #1

Answer: c

It flows into the statement of stockholders’ equity.

A part of this statement is the statement of retained earnings, which accounts for accumulated net income and dividends. In this way a balance would appear in the retained earnings account – either debit or credit. If it is debit, then it reduces stockholders’ equity. If it is credit, then it increases stockholders’ equity.

Other options are not correct:

Option a: stockholders’ equity is part of balance sheet.

Option b: dividends should not appear in the income statement, since dividend is an ownership portion; therefore, should be treated separately.

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