6 Chapter 1 19. Determine to which financial statement the following descriptions relate. a. b. c. Shows the account balances at year end Details the changes in cash for the year Demonstrates the activity of a company during the year to arrive at a net income or loss d. Reports changes in retained earnings for the year 20. Which financial statement is associated with each of the descriptions below? Operating activities, investing activities, and financing activities Assets, liabilities, stockholders' equity Revenues and expenses Net income, dividends, and beginning retained earnings a. b. c. d. 21. Which financial statement is associated with each of the descriptions below? Also, put the financial statements in order as they should be prepared. a. Reports cash payments and receipts for a time period b. Ensures that assets are equal to the sum of liabilities and stockholders' equity at the end of a time period Identifies the changes in retained earnings during a time period Arrives at net income or net loss for a time period c. d. 22. Given the following transactions for the year, prepare the income statement for World Co. for the year ended December 31, 2015. Rental revenue of $15,000 Wages expense of $3,500 Rental expense of $5,300 Miscellaneous expense of $1,200 . . . 23. Create World Co.'s retained earnings statement using net income from Exercise 22. Retained earnings had a zero balance at the beginning of the company's first year of operations. The company paid dividends of $2,100 for the year. Rights Reserved May not be scanned, copied or duplicated, or pasted to publidy accessible websute, is whole o in part