I AFIN3053_FHFYR_2023_ALL_U / Assessment Tasks 17 March, 45 mins, start between 12:00 and 23:10 Sydney t to complete 10 multiple choice questions over 45 minutes. You run a profitable retail shop. You'll pay 30% corporate tax on profits in a few months. It's the last day of the financial year. You stock inventory that cost you $50 each, and you just sold one to a customer for $150 cash. You're thinking through how this $150 cash transaction will affect your company's financial statements. Ignore GST. Which of the following effects on the profit and loss (P\&L), balance sheet and cash flow statement is NOT correct? Select one: a. $150 higher revenue, $50 higher COGS, $30 higher tax expense, resulting in $70 higher profit on the P\&L and $70 higher retained profits on the balance sheet. b. $150 higher cash asset on the balance sheet. c. $50 lower inventory asset on the balance sheet. d. $30 higher tax payable liability on the balance sheet. e. $70 higher operating cash flow on the cash flow statement. Clear my choice