MC Qu. 2-70 Kirby, Inc. borrows $16 million... Kirby, Inc. borrows $16 million from its bank. It then uses this money to buy equipment. How do these two transactions affect the company's accounting equation? Multiple Choice Assets and liabilities both increase by $16 million. Assets increase by $8 million and liabilities decrease by $8 million. Assets increase by $16 million, liabilities increase by $8 million, and stockholders' equity increases by $8 million MC Qu. 2-175 A company's trial balance Included... A company's trial balance Included the following account balances: Accounts Payable Accounts Receivable Cash Income Tax Payable Inventory Note Payable, due in two years Equipment Stockholders' Equity Supplies Wages Payable S 19,227 81,356 73,344 3,532 25,836 1,729 54,328 203,008 5, 532 12,900 What Is the amount of Total Assets on the Balance Sheet? Multiple Cnoice $240,39 $259,623 $234,864 $443.404 MC Qu. 2-176 A company's trial balance Included... A company's trial balance Included the following account balances: Accounts Payable Accounts Receivable Cash Income Tax Payable Inventory Note Payable, due in two years Equipment stockholders' Equity Supplies Wages Payable 19,267 81,396 73,384 3,572 25,876 1,769 54,728 203,408 5,572 12,948 What Is the amount of Total Liabilities on the Balance Sheet? Multiple Cholce $118.944 $37,548 $240,956 $63,424