Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

12. Stockholders' Equity

Retained Earnings

Financial Accounting

12. Stockholders' Equity

Retained Earnings

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Multiple Choice

Which of the following items is NOT typically included in a statement of retained earnings for the year ended December 31?

Net income for the year

Dividends declared during the year

Total assets at year-end

Retained earnings at the beginning of the year

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Verified step by step guidance

Step 1: Understand the purpose of the statement of retained earnings. It is a financial statement that shows the changes in retained earnings over a specific period, typically including net income, dividends, and the beginning retained earnings balance.

Step 2: Identify the components typically included in the statement of retained earnings. These are: (1) Retained earnings at the beginning of the year, (2) Net income for the year, (3) Dividends declared during the year, and (4) Retained earnings at the end of the year.

Step 3: Recognize that 'Total assets at year-end' is not related to retained earnings. Total assets are part of the balance sheet and represent the company's resources, not the changes in retained earnings.

Step 4: Compare the given options to the components of the statement of retained earnings. Net income, dividends, and beginning retained earnings are all relevant to the statement, while total assets are not.

Step 5: Conclude that the item 'Total assets at year-end' is NOT typically included in a statement of retained earnings, as it pertains to the balance sheet rather than the retained earnings calculation.