1.0 point possible (graded, results hidden) What are the two main components that Shareholder's Equity can be broken down into? O Assets and Liabilities O Retained Earnings and Dividends O Revenue and Expenses O Retained Earnings and Contributed Capital Cabbage Co. paid expenses of $2,000. What is the impact of this transaction? ho o Increase Expenses by $2,000 o Increase Revenues by $2,000 O Decrease Expenses by $2,000 o Decrease Revenues by $2,000 Everest & Sons incurred expenses of $51,000 and had a net loss of ($11,000). What are the company's revenues? O $52,000 O $40,000 O ($11,000) O $62,000 Which of the following options would decrease Retained Earnings? O Net Income O Profits O Net Losses O Revenues Which of the following statements is true about Expenses? o They belong on the income statement and show what the company has earned by providing goods or services. O They are earned by the company, not in the ordinary course of business O They belong on the balance sheet and show amounts that a company owes. O They belong on the income statement and show what the company has incurred in the process of earning revenues. Which of the following statements is false in regard to the Accounting Cycle? o It includes the preparation of financial statements It covers unspecified time periods o It focuses on business transactions of a company O It is an established and systematic process involving a series of steps When a company journalizes the purchase of equipment using a notes payable, which account is debited? O Accounts Receivable O Cash O Notes Payable O Accounts Payable O Equipment