Question 1 Not yet answered During the current year, revenues of $1,100 were recorded, of which $600 was on credit and $500 was received in cash. Also, during the year, expenses of $700 were recorded, of which $250 was paid in cash and the rest was on credit. What combined increase or decrease) did these transactions have on Assets, Liabilities, and Equity, respectively? Points out of 3.00 Select one: a. $1,100, $450, $650 Flag question b. $400, 700, ($300) c. $850, $450, $400 d. ($850), ($450), ($400) e. $850, ($450), $1,300 Question 2 Not yet answered During the year, a firm reported a decrease in liabilities of $68,700. For the year, revenues were $196,700, expenses were $131,800, and dividends were $73,000. During the year, $17,000 in common stock was issued. No other equity transactions occurred. What was the change in assets for the year? Select one: Points out of 3.00 a. $43,600 Flag question b. $77,600 c. $68,400 d. $59,800 e. $102,400 Question 3 The only revenue for the Ford Company is Sales. The only expenses are Cost of Goods Sold and Operating Expenses. A positive Gross Margin will result if: Not yet answered Select one: Points out of 3.00 a. Purchases exceeds Operating Expenses b. Cost of Goods Sold exceeds Purchases Flag question c. Operating Expenses exceeds Cost of Good Sold d. Sales exceeds Cost of Goods Sold e. Operating Expenses exceeds Sales