At the beginning of 2010, a corporation had assets of $670,000 and liabilities of $520,000. During 2010, assets increased $52,000 and liabilities increased $7,000. What was stockholders' equity on December 31, 2010?

$475,000

$195,000

$715,000

$91,000

Which of the following properly describes the impact on the financial statements when a company reports wage expense of $8,700, of which $3,700 remains unpaid?

Net income decreased by $5,000.

Cash decreased by $8,700.

Net income decreased by $8,700.

Cash decreased by $3,700.

Which of the following properly describes the impact on the financial statements when a company incurs operating expenses of $8,100, of which $3,200 remains unpaid?

	Net income decreased by $8,100.
	Cash increased by $4,900.
	Net income decreased by $3,200.
	Cash decreased by $8,100.