For each of the following, insert one or more capital letters to identify the financial statements where the item is found. Some items are found on only one statement, while others appear on more than one statement. A. Net IncomeB. End-of-period retained earnings balanceC. Depreciation expenseD. Dividends declaredA) Income StatementB) Balance SheetC) Statement of Cash FlowsD) Statement of Retained Earnings

Answer and Explanation:

The classifications are as follows

A. For net income:

Income Statement, Statement of Retained Earningsand cash flow statement in case when indirect method is followed)

B. For ending retained earning balance

Comes under Retained Earnings Statement and Balance Sheet  

C. For depreciation expense

The Income statement, and cash flow statement in case when indirect method is followed)

D. For Dividend declared

Comes under Retained Earnings statement    

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