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If equity is $389,000 and liabilities are $185,000, then assets equal: 1 Multiple Choice 01:55:23 $204,000. $185,000. $389,000. $574,000. $963,000. 2. Nexis had beginning equity of $86,000; revenues of $132,000, and expenses of $89,400. The company had no other transactions impacting equity. Calculate the ending equity. 01:55:17 Multiple Choice $128,600. $53,000. $139,000. $22,600. $33,000. 3 Cruz Company had revenues of $114,000 and expenses of $67,000 for the year. Its assets at the beginning of the year were $417,000. At the end of the year, assets were worth $467,000. Calculate its return on assets. 01:55:10 Multiple Choice 10.6% 11.3%. 10.1%. 27.3%. 25.8%. 4 Lito Company had cash inflows from operating activities of $32,000; cash outflows from investing activities of $27,000, and cash outflows from financing activities of $17,000. Calculate the net increase or decrease in cash. 01:55:04 Multiple Choice $76,000 increase. $42,000 increase. $12,000 decrease. $12,000 increase. $44,000 decrease. 5 Doc's Ribhouse had beginning equity of $56,500; net income of $23,000. The company has no other transactions impacting equity. Calculate the ending equity. 8 01:54:59 Multiple Choice $(6,500). $33,500. O $6,500. $106,500. $79,500. If a company receives $12,800 from a client for services provided, the effect on the accounting equation would be: 6 Multiple Choice 8 01:54:54 Assets decrease $12,800 and equity decreases $12,800. Assets increase $12,800 and liabilities decrease $12,800. Assets increase $12,800 and liabilities increase $12,800. Liabilities increase $12,800 and equity decreases $12,800. Assets increase $12,800 and equity increases $12,800. 7 During the month of February, Rubio Services had cash receipts of $7,600 and cash payments of $8,800. The February 28 cash balance was $2,000. What was the February 1 beginning cash balance? 01:54:50 Multiple Choice $800. o $1,200. o $3,200. $0. $4,800. 8. GreenLawn Company provides landscaping services to clients. On May 1, a customer paid GreenLawn $65,000 for 6- months services in advance. GreenLawn's general journal entry to record this transaction will include a: 8 01:54:43 Multiple Choice Debit to Unearned Revenue for $65,000. Credit to Accounts Receivable for $65,000. Credit to Cash for $65,000. Credit to Unearned Revenue for $65,000. Debit to Accounts Receivable for $65,000

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