6. On December 31, 2023, Smith & Co. purchase a line of hammers (to be resold) from a vendor for $35,000 with a promise to pay later. Which of the following best represents the change in the accounting equation as of December 31, 2023? A. Total assets increase, total liabilities increase, and total owners equity increases B. Total assets increase, total liabilities increase, and total owners equity has no change C. Total assets increase, total liabilities have no change, and total owners equity increases D. Total assets increase, total liabilities have no change, and total owners equity decreases E. There is no change to the accounting equation

7. Which of the following is not likely to be found on the statement of cash flows? A. Cash flows from Operating Activities B. Cash flows from Financing Activities C. Cash flows from Investing Activities D. Cash flows from Creditor Activities E. All of the Above are found in the statement of cash flows

8. Which of the following is not necessary to calculate a companys Quick Ratio: A. Cash B. Accounts Payable C. Accounts Receivable D. Inventory E. All of the Above are necessary

9. Charlies Art Studio (CAS), which records transactions using financial accounting, has the following transactions in quarter 4 of 2023. Based on this information, what are total revenues for CAS during quarter 4 of 2023 1) Created and delivered a $20,000 Sculpture to Customer B during October 2023. 2) Received $5,000 Cash on December 5, 2023 from Customer A for a painting expected to be delivered on February 4, 2024. 3) Delivered a $10,000 Mural on December 15, 2023 to Customer C with the customers promise to pay on January 14, 2024. A. $35,000 B. $25,000 C. $20,000 D. $10,000 E. None of the Above