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Social ScienceHi I have a couple of questions. Please answer clearly and thoroughly. If you paste any images I just ask that the print is readable and not to small and faint in color.1) Does the Income Statement contain ONLY revenue and expense accounts? If not what other accounts are on the Income Statement? And please state if they are either DR or CR accounts and Real or Nominal.2) How is Dividends a liability? I thought they only appeared on the Statement of Retained Earnings.3) Also how many Dividend type accounts are there? For examples I have heard about Dividends Delivered for example.4) Please tell me if the different Dividends are CR or DR and Real or Nominal and if all of them are liabilities and what statement(s) do they appear on.
Hi I have a couple of questions. Please answer clearly and thoroughly. If you paste any images I just ask that the print is readable and not to small and faint in color.
1) Does the Income Statement contain ONLY revenue and expense accounts? If not what other accounts are on the Income Statement? And please state if they are either DR or CR accounts and Real or Nominal.
2) How is Dividends a liability? I thought they only appeared on the Statement of Retained Earnings.
3) Also how many Dividend type accounts are there? For examples I have heard about Dividends Delivered for example.
4) Please tell me if the different Dividends are CR or DR and Real or Nominal and if all of them are liabilities and what statement(s) do they appear on.
Expert Answer
1.
Income statement:
The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
List of accounts recorded in the income statement as shown below:
2.
Dividends are deducted from the statement of retained earnings to ascertain the ending balance of retained earnings. Later on these dividends are transferred to dividend payable (temporary accounts). In this case, the dividends are declared but not paid. Therefore, dividend is a liability, and it appears on the statement of retained earnings.
3.
They are 5 types of dividend accounts are shown below:
- Cash dividend
- Stock dividend
- Bond d...
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