The following are selected data from a large company's financial statements:
$\begin{array}{lr}
\text { Net income } & \$ 12,400 \text { million } \
\text { Cash dividends } & 2,000 \text { million } \
\text { Retained earnings, December 31, Year 1 } & 8,500 \text { million }
\end{array}$
Identify the steps in the accounting cycle that must have been completed prior to determining these amounts.

Question

The following are selected data from a large company's financial statements:
 $\begin{array}{lr}
\text { Net income } & \$ 12,400 \text { million } \
\text { Cash dividends } & 2,000 \text { million } \
\text { Retained earnings, December 31, Year 1 } & 8,500 \text { million }
\end{array}$ 
Identify the steps in the accounting cycle that must have been completed prior to determining these amounts.

Quizplus · Accepted Answer

The Answer of The following are selected data from a large company's financial statements:
 $\begin{array}{lr}
\text { Net income } & \$ 12,400 \text { million } \
\text { Cash dividends } & 2,000 \text { million } \
\text { Retained earnings, December 31, Year 1 } & 8,500 \text { million }
\end{array}$ 
Identify the steps in the accounting cycle that must have been completed prior to determining these amounts.

The Following Are Selected Data from a Large Company's Financial