Question 15 4 pts Which of the following statements regarding the financial stat

Question

Question 15 4 pts Which of the following statements regarding the financial statements is TRUE? OThe income statement reports operating and investing activities and the balance sheet reports assets, liabilities and stockholder's equity The statement of cash flows reports revenues and expenses and the statement of retained earnings reports assets and liabilities. The statement of retained earnings reports dividends and the income statement reports revenues and expenses. The balance sheet reports revenues and expenses and the statement of cash flows reports assets and liabilities. Question 16 4 pts

Explanation / Answer

Q15. Answer is The Statement of retained earnings reports dividend and income statement reports revenue and expenses. Q16. Answer is $ 1920 Explanation: Rate under SLM (100/10) =10% Rate undner DDB: 20% Cost of machine: $ 12000 Depreciation in Year-1 (12000*20%): 2400 Book value at the end of Year-1: 9600 Depreciation for Year -2 (9600*20%): 1920

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