A company had total assets of $600,000 and total equity of $200,000 Given this information, what are total liabilities? O $600,000 O $200,000 0 $400,000 O $800,000 Which of the following statements is TRUE in regard to its effect on Retained Earnings? Net Income decreases Retained Earnings O Dividends decrease Retained Earnings Expenses increase Retained Earnings O Revenues decrease Retained Earnings Assume a company sells services for cash. How does this transaction impact the accounting equation? O Equity increases and equity decreases, O Assets increase and equity increases. O Assets decrease and liabilities decrease. O Assets increase and assets decrease. O Assets decrease and equity decreases. Which financial statement would report interest revenue? Income Statement 0 Balance Sheet O Statement of Retained Earnings O Dividend Statement When a company receives cash for services accrued for in a prior period, which account is credited? 0 Service revenue O Profits 0 Accounts Receivable 0 Net Income O Cash