QUESTION 47

1. If $10,200 of equipment are purchased on account, which of the following is true?

   	A.	Total assets are increased, and liabilities are decreased.
   	B.	None of the above.
   	C.	Total Retained Earnings is increased.
   	D.	Total owners equity is unchanged.
   	E.	Total assets and liabilities are increased.

2 points

QUESTION 48

1. During 2016 Austin Company had a decrease in assets of $200 and a decrease in liabilities of $800. No additional shares of common stock were issued during 2016. Cash dividends declared and paid during 2016 were $100. If expenses for 2016 were $800, total revenues were:

   	A.	$1,300
   	B.	$1,200
   	C.	$700
   	D.	$800
   	E.	None of the above