1. The equity of Lime Company is $200,000 and the total liabilities are $70,000. The total assets are _

A.$130,000

B.$270,000

C.$400,000

D.$140,000

2.Grapefruit Services started the year with total assets of $100,000 and total liabilities of $65,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $80,000, respectively. During the year, there were no new capital contributions and the owner withdrew $55,000. What is the amount of owner's equity at the end of the year?

A.$20,000

B.$55,000

C.$80,000

D.$120,000

3.The following transactions for the month of March have been journalized and posted to the proper accounts of a sole proprietorship. Mar. 1 The business received $9000 cash from the owner of the business, Lemon. The business gave capital to Lemon. Mar. 2 Paid the first month's rent of $900. Mar. 3 Purchased equipment by paying $3000 cash and executing a note payable for $9000. Mar. 4 Purchased office supplies for $730 cash. Mar. 5 Billed a client for $8000 of design services completed. Mar. 6 Received $7500 on account for the services previously recorded. What is the balance in Cash on March 6?

A.$13,500

B.$14,870

C.$11,870

D.$12,770