Retained earnings represents past net incomes less past dividends, therefore any balance in this account would be listed on the income statement
Indicate whether the statement is true or false
False
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In 2016, Western Maryland Company paid $3,000,000 for a mining tract with reserves of 100,000 tons of ore, which the company planned to mine over a 20-year period. The company spent $500,000 developing the mine. Western plans to spend $200,000 for reclamation when mining has been completed, after which the land will have an estimated value of $600,000. In 2016, Western mined and sold 8,000 tons
of ore. What depletion should Western record for the year? A) $155,000 B) $248,000 C) $280,000 D) $296,000
Two major issues that contribute to consumers' hesitancy to use online shopping are ________.
A. privacy and security B. quality and computer knowledge C. quality and price D. computer knowledge and security E. price and privacy
Nate and Nikki have two dependent children ages 12 and 15. Their modified AGI is $410,000. What is the amount of the child credit to which they are entitled?
A. $3,500 B. $4,000 C. $0 D. $500
Which of the following is not a function of the Insurance Services Office (ISO)?
A) Collecting loss data B) Developing standard insurance policies C) Coordinating prices between insurance companies D) Providing public information about insurance