Lewis Corporation Reported the Following Information for the Year Ended

question 105

Multiple Choice

Lewis Corporation reported the following information for the year ended December 31, 2015: What was the economic effect of the payment of Lewis' dividends?

• A)The dividend reduced net income for 2015.
• B)The dividend should be equal to net income if the company's accounting equation is in balance.
• C)The dividends reduce total retained earnings for the year.
• D)The dividends must be paid whenever Lewis Corp.reports net income.

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Definitions:

Epigastric

Pertaining to the abdominal region located above the stomach.

Bilateral

Involving or affecting both sides of the body or both of a pair of organs, such as both eyes, ears, or kidneys.

Bi-

A prefix meaning two or twice, indicating duality or a pair.

Afebrile

The absence of fever; refers to a state in which the body temperature is within the normal range.