The following are selected data from a large company's financial statements:
$\begin{array}{llcc}
\text { Net income } & \text { \$ 12,400 million }\
\text { Cash dividends } & \text { 2,000 million }\
\text { Retained earnings, December 31,2013 }& \text { 8,500 million }\
\end{array}$
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:
 $\begin{array}{llcc}
  \text { Net income  } &   \text { \$ 12,400 million }\
 \text { Cash dividends } &  \text { 2,000 million }\
 \text { Retained earnings, December 31,2013 }& \text { 8,500 million }\
\end{array}$
 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:
 $\begin{array}{llcc}
  \text { Net income  } &   \text { \$ 12,400 million }\
 \text { Cash dividends } &  \text { 2,000 million }\
 \text { Retained earnings, December 31,2013 }& \text { 8,500 million }\
\end{array}$
 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