Question Details

Retained earnings represents the amount of cash available 



true or false:
	1.	Retained earnings represents the amount of cash available for dividends.

	2.	Net income of a corporation should be closed to retained earnings and net losses should be closed to paid-in capital accounts.

	3.	A debit balance in the Retained Earnings account is identified as a deficit.

	4.	A correction in income of a prior period involves either a debit or credit to the Retained Earnings account.

	5.	Prior period adjustments to income are reported in the current year's income statement.




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