QUESTION 17 If equity is $300,000 and liabilities are $200,000, then assets equal: Oa. $500,000 Ob. $300,000 Oc. $200,000 Od. $100,000 QUESTION 18 Inventory is shipped by the seller on December 29 and received by the buyer on January 5 under terms FOB Destination. This inventory should be included on which party's balance sheet as of December 31st? Oa. Seller's Ob.Buyer's Oc. Both party's Od. Neither party's QUESTION 19 Net Income is equal to: a. Expenses plus Dividends Ob. Revenues minus Expenses and Dividends Oc. Expenses minus Revenues. Od. Revenues minus Expenses QUESTION 20 On 1/4/20 ABC Inc. declares dividends of $10,000. The date of record is 1/10/20 and the date of payment is 1/20/20. What journal entry should be made on 1/4/20? Oa. DR: Dividends Payable: CR: Retained Earnings Ob.DR: Retained Earnings; CR: Dividends Payable OC. DR: Dividends Payable; CR Cash Od. No entry should be made