Identify which of the following lists of accounts would belong on the statement of retained earnings. A. Dividends and Account Payable
B. Retained earnings and Dividends
C. Retained earnings and Cash
D. Service Revenue and Wages Expense

The correct option is : B  Retained earnings and Dividends

Retained earnings refers to the amount of net income left over for the business after it has paid out dividends to its shareholders. ·

It also refers to the portion of a company's profit that is held or retained from net income at the end of a reporting period and saved for future use.

These earnings can be used for fixed or capital expenditures such as buying a new equipment, servicing debt profile, researching and development of the company's products.

Therefore, Retained earnings and Dividends will belong on the statement of retained earnings.

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B. Retained earnings and Dividends

Explanation:

Retained earnings can be defined as the amount of a business’s profits or net income which isn't distributed to shareholders as dividends but are rather reserved so that it can be reinvested subsequently into the business.

Simply stated, retained earnings of an organization is the profit or net income remaining after paying the shareholders their dividends, which can then be reinvested into the business again. These earnings can be used for fixed or capital expenditures such as buying a new equipment, servicing debt profile, researching and development of the company's products.

A statement of retained earnings is a financial document which is usually prepared by an organization for use by the public such as investors, lenders and creditors. Hence, the statement of retained earnings are typically recorded under the shareholder's equity in order to represent the relationship between the balance sheet and income statement. Also, it is important and required that the statement of retained earnings is prepared in accordance with the Generally Accepted Accounting Principles (GAAP).

The following lists of accounts would belong on the statement of retained earnings;

1. Retained earnings: an amount of money left as profits or accumulated net income.

2. Dividends: an amount of money being paid to shareholders from an organization's net income or profit.

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