In Year 2, Micro Services Company records the payment of $325 cash for an expense accrued in Year 1 and records the accrual of \$175 for another expense. The impact of these two entries on Year 2 total liabilities and net income, respectively, is: Select one: a. decrease by $150, decrease by $500 b. No effect, decrease by $175 c. increase by $175, decrease by $175 d. decrease by $150, decrease by $175 e. No effect, decrease by $500 Given the following data, what is Gross Profit? Select one: a. $150,000 b. $70,000 c. $210,000 d. $620,000 e. $230,000
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