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QUESTION 26 Elston Company compiled the following financial information as of December 31, 2014: Service revenue $700,000 Common stock 150,000 Machine 350,000 Operating expenses 625,000 Cash 200,000 Dividends 50,000 Supplies 25,000 Accounts payable 100,000 Accounts receivable 75,000 Inventory 80,000 Retained earnings, 1/1/14 375,000 Elston's assets on December 31, 2014 are $650,000 $730,000 OO $625,000 $475,000 QUESTION 25 These financial statement items are for ABC Corporation at year-end, December 31, 2011: Salaries expense Utilities expense Equipment Accounts Payable Sales Revenue Service Revenue Common stock Cost of Goods Sold (COGS) Cash Accounts receivable Short-term investments Dividends Inventories Salaries payable Retained earnings (Jan. 1, 2011) $20,000 14,900 15,900 6,220 69,600 20,000 29,400 38,700 10,140 8,780 10,000 14,000 ? 5,000 25,200 Calculate the net income for the year. Net income of 4,000 Net income of 16,000 Net loss of 16,000 Net loss of 4,000 QUESTION 23 If total liabilities increased by $35,000 and stockholders' equity decreased by $95,000 during a period of time, then total assets must change by what amount and direction during that same period? $50,000 decrease $60,000 increase $50,000 increase $60,000 decrease QUESTION 24 $21,000 21,000 Marvin Services Corporation had the following accounts and balances: Accounts payable $18,000 Equipment Accounts receivable 3,000 Land Buildings ? Unearned service revenue Cash 9,000 Total stockholders' equity Inventory 8,000 Mortgage Payable 6,000 57,000 $100,000 What would be the balance of the Buildings Account? $113,000 $119,000 $27,000 $19,000