Cash dividends and stock splits decrease the Retained Earnings account
Indicate whether the statement is true or false
FALSE .Stock splits have no effect on Retained Earnings.
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A 12% change in sales will result in a 12% change in net income
a. True b. False Indicate whether the statement is true or false
If cost of goods sold under FIFO was $8,000 and was $10,000 under LIFO, assuming a tax rate of 40%, how much tax savings resulted from using LIFO?
a. $ 1,200 b. $ 800 c. $ 2,000 d. There would be no tax savings.
The following information is available from Carron Company's 2014 accounting records: Purchases ............................................ $530,000 Purchase discounts ................................... 10,000 Beginning inventory .................................. 160,000 Ending inventory ..................................... 215,000 Freight-out .......................................... 40,000
Carron's 2014 cost of goods sold is a. $465,000. b. $475,000. c. $505,000. d. $585,000.
A business issues 20-year bonds payable in exchange for preferred stock. This transaction would be reported on the statement of cash flows in
A) a separate schedule B) the cash flows from financing activities section C) the cash flows from investing activities section D) the cash flows from operating activities section