Which of the following items affects retained earnings but does not affect net income?
A) extraordinary items
B) declaring dividends
C) issuing stock
D) discontinued operations
Correct Answer:
Verified
Q11: Extraordinary items need to be treated separately
Q12: Generally accepted accounting principles require that discontinued
Q13: Hurricane Octavio caused $14,500 worth of damage
Q14: On June 1,Team Shirts sold its surfboard
Q15: Hurricane Octavio caused $14,500 worth of damage
Q17: Discontinued operations need to be treated separately
Q18: Lee's Lions had to shut down its
Q19: Team Shirts sold its surfboard operations for
Q20: Extraordinary items are reported on the income
Q21: A loss from a hurricane in Florida
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