1.Year-end current assets would be overstated and current expenses would be understated as a result of a failure to record which of the following adjusting entries?

a.The depreciation of fixed assets

b.Accrued and unpaid wages at year end

c. The expiration of prepaid insurance

d. None of the above

2.

The year-end balance of the retained earnings account provides information about which of the following?

a.Capital contributed by shareholders

b.Cash available for reinvesting in the business by shareholders

c.The cumulative earnings less dividends since the inception of the corporation

d.The earnings of the corporation for the current year