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.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Financial statements from the end-of-period spreadsheet Demo Consulting is a consulting firm owned and operated by...
Financial statements from the end-of-period spreadsheet Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20Y9: During the year ended August 31, 20Y9, $15,000 of additional common stock was issued. Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 20Y9 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title   Dr.   Cr.   Dr.   Cr.   Dr.   Cr. Cash 182,500 182,500 Accounts Receivable 234,500 234,500 Supplies 27,600...
Financial statements from the end-of-period spreadsheet Demo Consulting is a consulting firm owned and operated by...
Financial statements from the end-of-period spreadsheet Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20Y9: During the year ended August 31, 20Y9, $15,000 of additional common stock was issued. Demo Consulting End-of-Period Spreadsheet For the Year Ended August 31, 20Y9 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title   Dr.   Cr.   Dr.   Cr.   Dr.   Cr. Cash 182,500 182,500 Accounts Receivable 234,500 234,500 Supplies 27,600...
Which of the following is true regarding the end-of-period spreadsheet? a.Amounts are read across a row...
Which of the following is true regarding the end-of-period spreadsheet? a.Amounts are read across a row and added or subtracted to determine the amounts to insert in the Adjusted Trial Balance columns. b.The Adjustments columns need not be totaled. c.The difference in the totals of the Adjustments columns indicates the net income or loss for the period. d.Closing entries are entered in the Adjustments columns.
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 7,341 7,341 Dividends 1,000 1,000 Fees Earned 44,719 44,719 Wages Expense 20,237 20,237 Rent Expense 5,835 5,835 Depreciation Expense 4,988 4,988 Totals 75,060 75,060...
The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for...
The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Trucking: Accounts Amount Accounts Payable $42,600 Accounts Receivable 83,400 Accumulated Depreciation-Trucks 28,000 Cash ? Common Stock 100,000 Prepaid Insurance 6,500 Prepaid Rent 12,000 Retained Earnings 215,000 Salaries Payable 12,500 Trucks 206,000 Supplies 4,700 Unearned Fees 5,000 Required: Prepare a classified balance sheet. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels,...
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Accumulated...
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Accumulated Depreciation $ 2,672 Fees Earned 15,186 Depreciation Expense 1,125 Insurance Expense 590 Prepaid Insurance 3,790 Supplies 1,026 Supplies Expense 3,822 Net income for the period is a. $2161 b.$5537 c.$9649 d.$6977
The following unadjusted trial balance is for Montana Construction Company as of year-end for the December...
The following unadjusted trial balance is for Montana Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $46,900, and the stockholders invested $40,000 cash in the company during 20x7. NO.      Account Title                          Debit               Credit 101      Cash                                         $7,000 126      Supplies                                   $16,000 128      Pre-paid insurance                   $12,600 167      Equipment                               $200,000 168      Accumulated depreciation – equipment $14,000 201      Accounts payable $6,800 251      Long-term notes payable...
Requirement #6: Prepare an adjusted trial balance in the space below. Quick Tax Corporation Adjusted Trial...
Requirement #6: Prepare an adjusted trial balance in the space below. Quick Tax Corporation Adjusted Trial Balance July 31 0 0 During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $2,500 July 5 Paid the premium on...
during the end-of-period processing, which of the following best describes the logical order of steps? a....
during the end-of-period processing, which of the following best describes the logical order of steps? a. Preparation of adjustment, adjusted trial balance, financial statements b. Preparation of income statement, adjusted trial balance, balance sheet c. Preparation of adjusted trial balance, cross-referencing, journalizing d. Preparation of adjustments, adjusted trial balance, posting
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet...
Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2016: Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 25,200 25,200 Accounts Receivable 52,000 52,000 Supplies 3,200 (a) 2,300 900 Office Equipment 34,000 34,000 Accumulated Depreciation 5,000 (b) 1,000 6,000 Accounts Payable 3,700 3,700 Salaries Payable (c)...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT