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Metropolitan Casting Services started the year with total assets of $130,000 and total liabilities of $40,000. The revenues and the expenses for the year amounted
Metropolitan Casting Services started the year with total assets of $130,000 and total liabilities of $40,000. The revenues and the expenses for the year amounted to $140,000 and $80,000, respectively. During the year, the company did not receive any additional capital, but the owner did withdrawal $50,000. Calculate the amount of increase or decrease in equity for the year. C. O A. a $50,000 increase OB. a $100.000 increase O C. a $10,000 increase OD. a $90,000 decrease Adams Company recorded the following journal entry on March 2nd. Cash 9,000 Unearned Revenue 9,000 From the journal entry above, identify the transaction on March 2nd O A. Adams paid $9,000 for services to be received at a later date. OB. Adams received $9,000 for services to be performed at a later period. OC. Adams purchased goods worth $9,000 and signed a one-year note for the same amount. O D. Adams sold goods for 59,000 cash
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