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Determine the retained earnings balance at december

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Reference no: EM132959941

Problem 1: Canadian corporations listed on a public stock exchange are required to present financial statements:

Select one:
a. Prepared in accordance with US GAAP
b. Are not published to prevent insider trading
c. Prepared in accordance with IFRS
d. Audited by un-qualified personnel to save on costs

Problem 1: IFRS requires that all changes to the equity accounts be shown on:

Select one:
a. Statement of changes in equity
b. Balance sheet
c. Statement of retained earnings
d. Statement of comprehensive income

Retained Earnings, January 1, 2020: $5,000,000
Net Income for 2020: $250,000
Dividends Declared in 2020: $100,000

Problem 3: Using the above information, determine the retained earnings balance at December 31, 2020.

Select one:
a. $5,150,000
b. $4,850,000
c. $5,350,000
d. $4,650,000

Reference no: EM132959941

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