ACTG 210 (Lord) Practice Exam Week 15, Spring 2022 16. Multiple Choice. Recall that Assets Liabilities + Owners' Equity. If an asset account increases, then which of the following must occur? a. A decrease in a different asset account b. An increase in a liability account C. An increase in an owners' equity account d. Any of the above. 17. Refer to the Microsoft Financial Statements posted on Blackboard. a. What is 2021 Gross Margin? What statement shows this? b. Show the calculation for Basic Earnings per share for 2021. c. Calculate the current ratio for 2021. d. Calculate Return on Assets for 2021. e. How much cash was used to repay debt in 2021? What statement shows this? 18. Which of the following statements is true? a. Treasury stock is recorded as an asset on the balance sheet b. A dividend is a distribution to investors from the net income of the company c. Inventory purchased on account reduces retained earnings d. Cost of goods sold increases retained earnings