Which of the Following Is Not True About the Financial

question 4

Multiple Choice

Which of the following is not true about the financial statements of Dudley Do-Right Repair Shop?

• A) The balance sheet at December 31 will show Total Liabilities of $10,500.
• B) The balance sheet at December 31 will show Retained earnings of $68,700.
• C) The Income Statement for the year will not include the dividends of $48,000.
• D) The Income Statement for the year will show Total Revenue of $175,000.

---

Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or the business's operating cycle, whichever is longer.