Please show your reasoning/math. Thank you!

10. Which of the following is not true of adjusting entries? Adjusting entries: a) Affect at least one statement of income account and one statement of financial position account when recording deferrals and accruals. b) Are made periodically, usually when the financial statements are about to be prepared. Are used to record transactions. Improve the matching of revenues and expenses to a particular period. None of the above. 11. The bookkeeper of Harnett Ltd has just written off as uncollectible an account receivable worth $2.000. If Harnett uses the allowance method, this write-off will: a) Decrease Harnett's current ratio. b) Increase Harnett's asset turnover ratio. Decrease Harnett's earnings per share. A, B and C. Have no effect on Harnett's financial ratios. 12. Which of the following transactions will increase an asset and increase shareholders equity? a) Collecting cash from a customer on an account receivable. b) Performing a service on account for a customer. Borrowing money from a bank. Purchasing supplies on account. None of the above. 13. Which of the following is the best definition of assets? a) Goods and services paid for by cash. Resources used by the business during the year. Both physical and intangible assets. Resources expected to be useful in the future. Goods and services used by the business during the year. 14. Which of the following accounts does not normally have a debit balance? a) Asset. b) Revenue. Expense. d) Loss. e) All of the above normally have a debit balance. 15. UVW Corporation has a lower debt to total assets than DEF Company. Other things being equal, compared to DEF Company, UVW Corporation is: a) b) More solvent. More liquid. Less solvent. Less liquid. None of the above. e) 16. What is the purpose of the statement of financial position? a) To show the sources and uses of cash for the period. To show the financial position of a business on a certain day. To show whether the business was profitable for the period. To show whether the business can pay its debts on a certain day. All of the above. 17. 18. Which of the following is not a permanent account? a) Retained earnings. b) Sales revenue. Wages payable. Accumulated depreciation. All of the above are permanent accounts Eat-My-Dust (EMD) Inc. has an asset turnover ratio of 4.0 in 2018, double what it was in 2017. This implies that a) EMD's earnings per share has improved significantly in 2018, compared to 2017. b) EMD's financial performance has improved significantly in 2018. compared to 2017. c) EMD seems to be using its assets more efficiently to generate sales in 2018, compared to 2017 d) a) and c). a), b) and c). 19. Happy Motors, Inc. had a retained earnings balance of $28.000 on January 1, 2019 and $38.000 on December 31, 2019. During the year, the company recorded total revenue of $35,000 and declared dividends of $4.000. Total expenses for year 2019 were: b) $11,000. $41.000. $21,000. $25,000 $28.000. 10. Which of the following is not true of adjusting entries? Adjusting entries: a) Affect at least one statement of income account and one statement of financial position account when recording deferrals and accruals. b) Are made periodically, usually when the financial statements are about to be prepared. Are used to record transactions. Improve the matching of revenues and expenses to a particular period. None of the above. 11. The bookkeeper of Harnett Ltd has just written off as uncollectible an account receivable worth $2.000. If Harnett uses the allowance method, this write-off will: a) Decrease Harnett's current ratio. b) Increase Harnett's asset turnover ratio. Decrease Harnett's earnings per share. A, B and C. Have no effect on Harnett's financial ratios. 12. Which of the following transactions will increase an asset and increase shareholders equity? a) Collecting cash from a customer on an account receivable. b) Performing a service on account for a customer. Borrowing money from a bank. Purchasing supplies on account. None of the above. 13. Which of the following is the best definition of assets? a) Goods and services paid for by cash. Resources used by the business during the year. Both physical and intangible assets. Resources expected to be useful in the future. Goods and services used by the business during the year. 14. Which of the following accounts does not normally have a debit balance? a) Asset. b) Revenue. Expense. d) Loss. e) All of the above normally have a debit balance. 15. UVW Corporation has a lower debt to total assets than DEF Company. Other things being equal, compared to DEF Company, UVW Corporation is: a) b) More solvent. More liquid. Less solvent. Less liquid. None of the above. e) 16. What is the purpose of the statement of financial position? a) To show the sources and uses of cash for the period. To show the financial position of a business on a certain day. To show whether the business was profitable for the period. To show whether the business can pay its debts on a certain day. All of the above. 17. 18. Which of the following is not a permanent account? a) Retained earnings. b) Sales revenue. Wages payable. Accumulated depreciation. All of the above are permanent accounts Eat-My-Dust (EMD) Inc. has an asset turnover ratio of 4.0 in 2018, double what it was in 2017. This implies that a) EMD's earnings per share has improved significantly in 2018, compared to 2017. b) EMD's financial performance has improved significantly in 2018. compared to 2017. c) EMD seems to be using its assets more efficiently to generate sales in 2018, compared to 2017 d) a) and c). a), b) and c). 19. Happy Motors, Inc. had a retained earnings balance of $28.000 on January 1, 2019 and $38.000 on December 31, 2019. During the year, the company recorded total revenue of $35,000 and declared dividends of $4.000. Total expenses for year 2019 were: b) $11,000. $41.000. $21,000. $25,000 $28.000