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***Please show how to get answer*** 10. Which of the following is NOT a...

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10. Which of the following is NOT a true statement about accounting for corporations? A) The dividends account is closed out to retained earnings. B) The balance in retained earnings at any point in time is equal to the total accumulated earnings of the business (net of losses) less the total dividends since the inception of the corporation. C) Any income or loss is closed out to the common stock account. D) Retained earnings may have a debit balance. E) Two primary sources of equity capital are contributed capital and earned capital (retained earnings). 11. Nelson Corporation issues 50,000 shares of $0.50 par value stock. The market price of the stock is $8 per share. Additional paid-in capital on this transaction would be: A) debited for $400,000 B) credited for $375,000 C) debited for $375,000 D) credited for $25,000 12. Liabilities: a. Are obligations b. Require a probable future sacrifice of economic benefits. c. Are a result of past transactions or events. d. All of the above

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