Practice Quiz 1 - Practice Quiz 1 Multiple Choice 1 Which of the following would most likely increase retained earnings a Declaring a cash dividend b

Practice Quiz 1 - Practice Quiz 1 Multiple Choice 1 Which...

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Practice Quiz 1 Multiple Choice 1) Which of the following would most likely increase retained earnings? a. Declaring a cash dividend b. Issuing additional common stock c. An increase in expenses. d. An increase in revenues. 2) Which of the following statements is correct? a. Net income includes a deduction for dividend payments made to stockholders. b. Net income normally equals the net cash generated by operations. c. Expenses are reported on the income statement during the period only if they are paid for. d. Revenues are reported on the income statement regardless of whether the customer has paid for the goods or services. Essay 3)Determine the missing amounts for each independent case below. Assume the amounts shown are at the end of the company's first year of operation. 4) Gail's Greenhouse, Inc., a small retail store that sells houseplants, started business on January 1,
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