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By circling the letter of the answer choice, indicate which answer best completes the statement or answers the question (I mark each) 11) At the end of its first year of operations, Lockerbie and Role Company has total assets total liabilities of $1,200,000. The owner originally invested $200,000 in the business, but any further investments or taken any withdrawals. What is the first year's net incfo Role Company? A. $1,600,000 B. $1,800,000 C. $1,000,000 D. $3,000,000 E. $3,200,000 of $3,000,000 and has not made Lockerbie and 12) The FastForward Company balance sheet shows cash $5,000, accounts receivable $7,000, office equipment $3,000, and accounts payable $4,000. What is the amount of equity A. $1,000 B. $11,000 C. $12,000 D. $15,000 E. $19,000 13) TEX Corp. purchased office equipment (computers) from MEX Corp. for $18,000 in cash. What is the effect of this economic event on the accounting equation? A. Increase in assets by $18,000 and increase equity by $18,000 B. Increase in equity by $18,000 and decrease in equity by $18,000 C. Increase in assets by $18,000 and decrease in assets by $18,000 D. Increase in assets by S18,000 and increase in liabilities by $18,000 E. None of the above 14) Unearned revenues are: A. Revenues that have been earned and received B. Revenues that have been earned but not yet collected C. Liabilities created by advance cash payments from customers for products or services. D. Recorded as an asset in the accounting records. E. Increases to owners' equity 15) Prepaid expenses are: A. Payments made for economic benefits that never expire. B. Classified as liabilities on the balance sheet C. Generally all combined into one account called "Miscellaneous Expenses" D. Assets created by payments for economic benefits that are not used up until later. E. Always debited to an expense account