QUESTION 1 A balance sheet O A Reports the results of operations for a period - B. Reports on the events causing a change in stockholders' equity during a period o C Presents a firm's assets, liabilities, and stockholders' equity as of a given date o D. Reports cash inflows and outflows during a period O E None of the above QUESTION 2 A company incurred $120,000 (to be paid next year) for the current year's advertising activities. What would the O A No effect on Assets; $120,000 increase in Liabilities $120,000 decrease in Stockholders' Equity s 120,000 increase in Assets: No effect on Liabilities, s 120,000 increase in Stockholders Equity O C $120,000 increase in Assets,$120,000 increase in Liabilities, No effect on Stockholders' Equity O D No effect on Assets, $120,000 decrease in Liabilities $120.000 increase in Stockholders Equity QUESTION 3 A company incurred $60,000 (to be paid next year) for the current year's advertising activities. What would the ef O A 560,000 increase in Assets, No effect on Liabities: $60.000 increase in Stockholders' Equity O B.$60,000 increase in Assets, $60,000 increase in Liabilities, No effect on Stockholders Equity C. No effect on Assets: $60,000 increase in Liabilities, $60.000 decrease in Stockholders' Equity D. No effect on Assets, $60,000 decrease in Liabilities, $60,000 increase in Stockholders' Equity QUESTION 4 A company paid a cash dividend of $48,000 to stockholders. What would the effect of this transaction on the curren O A No effect on Assets; $48,000 decrease in Liabilities: $48,000 increase in Stockholders Equity O B $48,000 decrease in Assets, S48000 decrease in Liabilities. No effect on Stockholders' Equity O C $48,000 increase in Asset O D. $48,000 decrease in Assets: No effect on Liablities, $48,000 decrease in Stockholders' Equity s; $48,000 increase in Liabilities, No effect on Stockholders Equity QUESTION 5 A company paid employee wages of $24,000 for the month. What would the effect of this transaction on the current r o A. $24,000 decrease in Assets, No effect on Liabilities; $24,000 decrease in Stockholders' Equity B. No effect on Assets; $24,000 decrease in Liabilities, $24,000 increase in Stockholders' Equity C. $24,000 increase in Assets; $24,000 increase in Liabilities, No effect on Stockholders' Equity O D. $24,000 decrease in Assets; $24,000 decrease in Liablities, No effect on Stockholder QUESTION 6