(1 )Owes Sams Garage $50 (Accounts Payable) A. Asset C. Both B. Liability D. Neither(2) Owns equipment worth $35 A. Asset C. Both B. Liability D. Neither(3) Owes Ace Auto Company $500 (Accounts Payable) A. Asset C. Both B. Liability D. Neither (4) Which of the following shows how the heading of the balance sheet should appear? A. Blue Top Taxi Company C. Blue Top Taxi Company Balance Sheet June 1, 20 May 31, 20 Balance Sheet (5) The owners equity section of the balance sheet for the Blue Top Taxi Company shows that A. the Blue Top Taxi Company owes more than it owns. B. Tom Cotton has an interest in the company. C. First National Bank is an owner of the company. D. Tom Cotton owes Sams Garage.