QUESTION 12 Holly Inc. has the following assets and liabilities as of the end of the year. Assets $68,000 Liabilities $32,000 What is the stockholder's equity as of the end of the year? a. $100,000 O b. $36,000 c. $68,000 d. $32,000 QUESTION 13 Phillips Corporation purchased supplies on account. What is the effect of this transaction? a. Cash decreases and supplies increases. O b. Total assets and total liabilities both increase. c. Total assets decrease and liabilities increase. d. Total assets remain unchanged. QUESTION 14 Johnson Inc. borrowed $15,000 from a bank in exchange for cash. What is the effect of this transaction? a. Total assets remain unchanged. b. Liabilities increase. Total equity increases. d. Net income increases. impletion Status: QUESTION 15 Ultra Company paid a utility bill of $500 and paid monthly rent of 5700 in September. What are the total expenses for the month? O a. $1,200 b. $700 c. $500 d. $200 QUESTION 16 Gibbons Company has the following balances: Retained Earnings $26,000 Assets $47.000 Liabilities $5,000 What is the balance in the capital stock account? a $42,000 b.516,000 $21,000 d. 578,000 QUESTION 17 The accounts which impact Retained Earnings include: a. Revenues, cash, and dividends b. Cash, dividends, and accounts payable Revenues, expenses, and dividends d Revenues, expenses, and cash