Yi Company provided services to a customer for $5,500 cash. Based on this information alone, which of the following statements is true?
A. Total assets were unchanged.
B. Liabilities decreased and net income increased.
C. Total assets increased and net income increased.
D. Total assets increased and total equity decreased.
Answer: C
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A temporary difference created this year causes book income to be greater than taxable income; in future years, book income will be less than taxable income. The temporary difference in the future years' incomes is referred to as:
A. permanent difference. B. reversing temporary difference. C. originating temporary difference. D. minor difference.
A stock index tells you
A. the average price of a collection of stocks. B. the expected changes in the prices of select stocks over a year. C. where to buy or sell stocks. D. what stocks to buy or sell.
The first step involved in conducting bivariate analysis is the development of a ________
A) regression line B) covariance chart C) scatter diagram D) distribution curve E) contingency table
Which statement is not true of the agency concept?
A. Under the common law tradition of the United States, all employees are treated as agents of employers. B. In actual fact, not all agents are employees. C. The primary responsibilities in the employer-agent relationship lie with the employer. D. The law has described the employee-employer connection as a master-servant relationship.