1) What is the accounting equation? Briefly explain each of the three parts. 2) Consider Carrefour, a large retailer. Classify the following items as Asset (A), Liability (L), or Shareholders Equity (S) for Carrefour: a. b. C. d. e. f. g. h. i 1. k. 1. Accounts receivable Long-term debt Merchandise inventory Notes payable Expenses payable Equipment Accounts payable Share capital Supplies Retained earnings Land Prepaid expenses 3) Vista Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The revenues and the expenses for the year amounted to $120.000 and $90,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $50,000. What is the amount of stockholders' equity at the end of the year? 4) List the order in which the balance sheet, statement of retained earnings, and income statement are prepared. Briefly discuss why this order is necessary. 5) Prepare an income statement and a statement of retained earnings for the month of May. Also, prepare a balance sheet as of May 31, 2017, for McGuire Corporation. The financial transactions of McGuire Corporation for the month of May, their first month of operations, are as follows: . . On May 1, 2017. McGuire Corporation issued common stock in exchange for $20,000 cash from a stockholder, Deborah Merchant. On May 3, the corporation borrowed $5,000 from a creditor and executed a note payable with the principal and interest to be due in one year. On May 7, the corporation purchased $15,000 of equipment for cash. On May 8, McGuire Corporation rendered service to a client and earned $3,000 in cash. On May 12, the corporation incurred a repair expense of $1,800 and promised to pay the repair contractor the following month. On May 18, the corporation rendered service to a new client in the amount of $8.000 on account, as the client promised to pay the following month. At the end of May, McGuire Corporation distributed cash dividends of $1,500. 6) "All debits are increases and all credits are decreases." Is this a correct statement? Explain your