Reference no: EM132991141
Questions -
Q1. Railroad Company reported $150,000 of net income during 2020. How did this impact the December 31, 2020 balance sheet?
a. Retained earnings increased by $150,000.
b. Retained earnings decreased by $150,000.
c. Total stockholders' equity decreased by $150,000.
d. Common stock increased by $150,000.
Q2. In which situation will Anna's Catering recognize revenue in September?
a. Anna's Catering agreed to cater an office lunch for All Business in October.
b. Anna's Catering received a $450 deposit to cater a wedding reception next summer.
c. Anna's Catering catered a dinner meeting for Arts and Such on September 4 and billed the customer $725.
d. Anna's Catering collected $800 from Football Corporation for a meal that was catered in August.
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