Smith Co. has $50,000 in loans payable and $100,000 in owner's equity. What would be the amount of Smith's total assets?

a. $100,000.

b. $50,000.

c. $150,000.

d. None of these choices are correct.

The balance sheet reports financial information about a business

a. for a period of time such as a month or a year.

b. quarterly only.

c. based on profitability.

d. on a specific date.

The main purpose(s) of recognizing an expense is/are

a. to keep track of the amount and types of expenses incurred.

b. to show the increase in owner's equity.

c. to show the decrease in owner's equity.

d. "to show the decrease in owner's equity" and "to keep track of the amount and types of expenses incurred".