(A) If total assets decreased by $50,402 during a period of time and stockholders' equity increased by $29,923 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is

a. $50,402 decrease

b. $80,325 increase

c. $80,325 decrease

d. $22,116 increase

(B) The balance in the prepaid rent account before adjustment at the end of the year is $13,332, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is

a. debit Prepaid Rent, $12,221, credit Rent Expense, $1,111

b. debit Rent Expense, $12,221, credit Prepaid Rent, $1,111

c. debit Rent Expense, $1,111, credit Prepaid Rent, $1,111

d. debit Prepaid Rent, $1,111, credit Rent Expense, $1,111

(D) The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet:

Accumulated Depreciation $ 2,501 Fees Earned 15,283 Depreciation Expense 1,135 Insurance Expense 409 Prepaid Insurance 3,297 Supplies 1,829 Supplies Expense 3,593 Net income for the period is

a. $7,645 b. $5,137 c. $2,519 d. $10,146

(E) After all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet, the totals of the Debit and Credit columns are $20,417 and $33,891, respectively. What is the amount of the net income or net loss for the period?

a. $20,417 net income

b. $13,474 net income

c. $13,474 net loss

d. $33,891 net loss