Which of the following is the correct order of preparation of financial statements?
A) Income statement ? statement of retained earnings ? balance sheet ? statement of cash flows
B) Statement of retained earnings ? balance sheet ? income statement ? statement of cash flows
C) Balance sheet ? statement of retained earnings ? income statement ? statement of cash flows
D) Balance sheet ? income statement ? statement of retained earnings ? statement of cash flows
A
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The imminent approach of Halloween pushes millions of homeowners to go out and purchase candy corn. Halloween stimulates a(n) ________, which forms a part of the buying process.
A. information search B. evaluation of consideration sets C. choice of alternatives D. postpurchase satisfaction E. need recognition
Auditors do NOT need to know the business and economics of the business in order to perform meaningful preliminary analytical procedures
a. True b. False Indicate whether the statement is true or false
The availability of an equipment or system is given by ______.
A. MTBF/MTTR B. MTTR/MTBF C. MTTR (MTBF – MTTR) D. MTBF/(MTBF + MTTR)
On January 1, 2017, Cale Corp. paid $1,020,000 to acquire Kaltop Co. Kaltop maintained separate incorporation. Cale used the equity method to account for the investment. The following information is available for Kaltop's assets, liabilities, and stockholders' equity accounts on January 1, 2017: BookValuesFairValuesCurrent assets$120,000 $120,000 Land 72,000 192,000 Building (twenty year life) 240,000 268,000 Equipment (ten year life) 540,000 516,000 Current liabilities 24,000 24,000 Long-term liabilities 120,000 210,000 Common stock 228,000 Additional paid-in capital 384,000 Retained earnings 216,000 ??Kaltop earned net income for 2017 of $126,000 and paid dividends of $48,000 during the year. ?At the end of 2017, the
consolidation entry to eliminate Cale's accrual of Kaltop's earnings would include a credit to Investment in Kaltop Co. for: A. $127,000. B. $0. C. $76,400. D. $124,400. E. $126,000.