Dividends declared: Multiple Choice O Reduce retained earnings. O Increase retained earnings. O Reduce net Income. O Increase net Income.The statement of retained earnings is based upon which of the following relationships? Multiple Choice Retained Earnings at the beginning of the period - Net Income - Dividends = Retained Earnings at the end of the period O Retained Earnings at the beginning of the perlod - Net Income + Dividends = Retained Earnings at the end of the period O Retained Earnings at the beginning of the period + Net Income + Dividends = Retained Earnings at the end of the period O Retained Earnings at the beginning of the period + Net Income - Dividends = Retained Earnings at the end of the period.Assets are considered current assets if they are cash or will usually be converted into cash: Multiple Choice O Within a month or less. Within 3 months. Within & months or less. O O Within a year or less. O Shown below is an adjusted trial balance for Cornell Products, Incorporated, on December 31: Cornell Products, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Credit Cash $ 15,000 Accounts Receivable 12, 500 Office Equipment 21, 500 Accumulated Depreciation $ 5,500 Accounts Payable 7,500 Capital Stock 22,060 Retained Earnings -0- Dividends 7,000 Service Fees Earned 43,000 Salaries Expense 15, 090 Advertising Expense 3,090 Depreciation Expense 4,090 Totals $ 78,060 $ 78,060 The total debits in the After-Closing Trial Balance will equal: Multiple Choice O $29,000. O $56,000. O $49,000. O $22,000