Which one of the following statements regarding the balance sheet for Anonymous Inc.is correct?
A) Retained Earnings is misclassified;it should be reported in the Assets section of the balance sheet.
B) The $207,100 shown as Retained Earnings on the balance sheet represents the cumulative amount of dividends distributed.
C) Anonymous,Inc.is owed $310,500 from customers who have purchased goods or services from the company,but have not yet paid for them.
D) The amount of retained earnings reported on this balance sheet represents the retained earnings at the beginning of the year.
Correct Answer:
Verified
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B)Balance
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