1. Rushing had income of $189 million and average total assets of $1,940 million. Its return on assets is: a) 103.0% b) 97.4% c) 10.0% d) 19.5% e) 9.7% 2.If a company is considering the purchase of a parcel of land that was acquired by the seller for $104,000 is offered for sale at $188,000, is assessed for tax purposes at $114,000, is considered by the purchaser as easily being worth $178,000, and is purchased for $175,000, the land should be recorded in the purchaser's books at: a) $178,000 b) $176,500 c) $114,000 d) $175,000 e) $188,000 3. If a company uses $1,540 of its cash to purchase supplies, the effect on the accounting equation would be: a) Assets decrease $1,540 and equity decreases $1,540 b) Assets increase $1,540 and liabilities decrease $1,540 c) Assets increase $1,540 and liabilities increase $1,540 d) One asset increase $1,540 and another asset decrease $1,540, causing no effect e) Assets decrease $1,540 and equity increase $1,540