Tiffin Company had retained earnings of $50,000 at the end of last year. For the current year, income was $20,000 and dividends $15,000 . What is the balance in retained earnings at the end of the current year?

Which of the following statements, regarding International Financial Reporting Standards (IFRS), is correct?

A) International Financial Reporting Standards are issued by the Financial Accounting Standards Board. B) The Securities and Exchange Commission is the private organization that oversees the creation and governance of International Financial Reporting Standards. C) International Financial Reporting Standards represent a set of global accounting standards that are generally more specific and based less on principle than U.S. Generally Accepted Accounting Principles. D) Companies who are incorporated in or do significant business in another country might be required to publish financial statements using International Financial Reporting Standards.

Which of the following will be shown under the investing activities section of the statement of cash flows?

A) purchased treasury stock for cash B) issued notes payable to purchase equipment C) paid cash dividends to stockholders D) loaned money to a third party