please answer #'s 11-12

On June 10, Lawson Company sold merchandise on account for $1,000, credit terms 2/10,n/30, that cost $650. The company uses the net method to record sales. What effect would this transaction have on the accounting equation? Assume Lawson uses a perpetual inventory system. Total assets and stockholders' equity would increase $1,000. Total assets and stockholders' equity would increase $350. Total assets and stockholders' equity would increase $330. Total assets and stockholders' equity would increase $980. Question 12 2.5 pts On June 5, Anderson Company sold merchandise on account for $500, credit terms 2/10, n/30, that cost $175. The company uses the net method to record sales. On June 10, the customer returned the goods because they were defective. What effect would the sales return have on Lawson's accounting equation? Assume Anderson uses a perpetual inventory system. Accounts receivable would decrease $500, inventory would increase $175, and retained earnings would decrease $325. Accounts receivable would increase $490, inventory would decrease $175, and retained earnings would increase $315. Accounts receivable would increase $500, inventory would decrease $175, and retained earnings would increase $325. O Accounts receivable would decrease $490, inventory would increase $175, and retained earnings would decrease $315 Question 13 2.5 pts Lamar Company had the following information for the year. Calculate Gross Profit Cost of Goods Sold $4,000 Interest $550,000 Revenue Operating 94,000 Expenses Net Income $150,000 Interest Expense 10,000 Net Sales 800,000 $100,000 $94,000 0 $90,000 $250,000 Question 14 2 . Lamar Company had the following information for the year. Calculate Operating Income. Cost of Goods Sold $4,000 Interest $550,000 Revenue Operating 94,000 Expenses Net Income $150,000 Interest Expense 10,000 Net Sales 800,000 O $250,000 0 $100,000 0 $90,000 O $94,000