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Unformatted text preview: c) Changes to GAAP must be approved by the Senate Finance Committee. d) None of the above. 3) For XYZ corporation, assets = $180,000, liabilities = $50,000, contributed capital = $15,000. How much is retained earnings? a) $80,000 b) $125,000 c) $75,000 d) $85,000 e) None of the above 180,000 -50,000-15,000 =115,000 4) Which of the following regarding retained earnings is false? a) Retained appears in the stockholders equity section of the balance sheet. b) Retained earnings is decreased by net income. c) Retained earnings represents earnings not distributed to stockholders in the form of dividends. d) None of the above....
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- Spring '10
- Balance Sheet, Generally Accepted Accounting Principles, XYZ Corporation, following regarding GAAP