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Question 15 of 205.0/ 5.0 Points
Vic's Mart collects $700 of its accounts receivable. The expanded accounting equation impact is __________.A. cash and capital increase $700B. cash and revenue increase $700C. cash increases and accounts receivable decreases $700D. accounts receivable decreases and capital increases $700Question 16 of 205.0/ 5.0 PointsThe financial statement that shows revenue and expenses for a period of time is the __________.Question 17 of 205.0/ 5.0 PointsA revenue should be recorded when __________.Question 18 of 205.0/ 5.0 PointsAn expense should be recorded when __________.Question 19 of 205.0/ 5.0 PointsWhich of the following is not one of the four basic financial statements?A. Statement of Cash FlowsB. Income StatementC. Statement of Company PositionD. Balance SheetQuestion 20 of 20
Larry’s Landscaping has total liabilities of $1,650 and assets of $2,500. The amount of the owner’s equity is __________.