1. Office Ltd. purchased office supplies inventory for $150 on account. Which of the following statements correctly describes the impact of this transaction on the accounting equation? Select one: a. Assets increase $150, liabilities increase $150, shareholders' equity decreases $150 ob. No impact on assets, liabilities increase $150, shareholders equity decreases $150 C. Assets increase $150, liabilities increase $150, no impact on shareholders equity d. No impact on assets, no impact on liabilities, no impact on shareholders equity 7. During 20x5, Ritter Corporation reported net sales of $18,000,000, net earnings of $1,200,000, and depreciation expense of $100,000. Ritter also reported beginning total assets of $10,000,000, ending total assets of $15,000,000, property, plant, and equipment of $8,000,000, and accumulated depreciation of $5,000,000. Ritter's return on assets is Select one: a. 8.0%. b. 9.6%. c. 12.0%. d. 15.0%