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QUESTION 18 During 2016. Canton Company's assets increased $195.000 and the abilities decreased $34,600. Canton Company's stockholders' equity at December 31, 2016 was 5423,000. What amount was stockholders' equity at January 1, 20167 5579.400 5648.000 5197400 5260.500 The following account balances were drawn from the Year 1 financial statements of Grayson Company Cash $ 5000 Accounts payable $ 1550 Accounts receivable $ 2100 Common stock 2 Land $ 8600 Retained emings, Jan 1 $ 3300 Revenue $ 10.100 Expenses $ What is the balance of the Common Stock account? 7550 5750 $8300 $11,000 0.510.850 QUESTION 15 Yowell Company began operations on January 1 Year 1. During Year 1, the company engaged in the blowing cash transactions 1) issued stock for $74,000 2) borrowed 142.000 from its bank 3) provided consulting services for $72.000 paid back 532.000 of the bank loan 5) pad rent expense for $17.500 61 purchased equipment costing $23.000 7) pud 54700 dividends to stockholders patemployees salaries, 136.000 What is Yowell's income? $4700 10,300 $32,000 $15.500 10 11 12 13 14 15 16 2012022030 The left side of an account is the obit side and the right side of an acount is the credit side. Which of the following would normally be a debit? Increase to an expense account Increase to a cash account Decrease to a liabilities account Decrease to a revenue account All of these answers are normally a debit