Which of the following is TRUE of a restriction or appropriation of retained earnings?
A) A restriction or appropriation of retained earnings decreases total retained earnings.
B) A restriction or appropriation of retained earnings decreases total assets.
C) A restriction or appropriation of retained earnings increases total retained earnings.
D) A restriction or appropriation of retained earnings does not affect total retained earnings.
Correct Answer:
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Q30: A corporation has 40,000 shares of $5
Q31: The treasury stock account is:
A) credited upon
Q32: Which of the following occurs as the
Q33: The retirement of stock is recorded as
Q34: Which of the following would be included
Q36: A corporation has $250,000 in retained earnings.
Q37: Debits to Retained earnings do not result
Q38: Retained earnings represent:
A) excess cash.
B) net losses
Q39: Prior-period adjustments are corrections to:
A) corrections to
Q40: Capital resulting from net income should be
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