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[DOC File]CHAPTER 1
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If the initial value method were in use, the Income of O’Brien account would have had a balance of $80,000 (100% of the dividends paid by O’Brien). Thus, the equity method must be in use. The Income of O’Brien balance is an equity accrual of $222,000 (100% of O’Brien’s reported income) less excess amortizations of $12,000 (as computed ...
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[DOC File]Chapter 05 The Accounting Cycle: Reporting Financial Results
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Dec 31, 2010 · 40. The dividends account should be: A. Closed to income summary. B. Closed to retained earnings. C. Closed only if there is a profit. D. Not closed at all. 41. Which account will appear on an after-closing trial balance? A. Dividends. B. Prepaid Expenses. C. Retained Earnings, at the beginning of the period. D. Sales. 42.
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[DOC File]TRUE-FALSE STATEMENTS
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The dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 10. After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances. 11. Closing revenue and expense accounts to the Income Summary account is an optional ...
dividends debit or credit

[DOC File]Chapter 15 Debt and Equity Capital - CPA Diary
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Dividends should be authorized by the stockholders of the corporation. ... An audit program for the examination of the retained earnings account should include a step that requires verification of the: A. Market value used to charge retained earnings to account for a two-for-one stock split. B.
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[DOC File]ANSWERS TO QUESTIONS
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Also, a separate heading should be shown for this account; it should not be shown under the heading “Capital Stock.” A more appropriate heading would be “Stockholders’ Equity.” (14) Cash Dividends Declared should be disclosed on the retained earnings statement as a reduction of retained earnings.
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[DOC File]TRUE-FALSE STATEMENTS
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The dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. 10. After closing entries have been journalized and posted, all temporary accounts in the ledger should have zero balances. 11. Closing revenue and expense accounts to the Income Summary account is an optional ...
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The dividends account should be