Submit On January 1, ABC sold $30,000 in products to a customer on account. Then on January 10, ABC collected the cash on that account What is the impact on ABC's accounting equation from the collection of cash on January 10? Multiple Choice Assets increase and stockholders' equity increases Assets increase and liabilities decrease No net effect on the accounting equation. Assets decrease and liabilities decrease 129 of 150 Next > Help Save Net income (in millions) Shares outstanding (in millions) Stock price $150 300 $20.00 What is the company's price-earnings ratio (round to nearest whole number? Numeric Response Next > 126 of 150 !!! 125 of 150 A contingent gain can sometimes be disclosed in a footnote Help Sub Multiple Choice True False Help Save & If a company overstates its ending balance of inventory in year 1 and it records inventory correctly in year 2, which one of the following is true? Multiple Choice Net Income is overstated in year 2 Retained earnings is overstated in year 1. O Cost of goods sold is overstated in year 1 Net income is understated in year 1 Next > Prey 123 of 150 In the Allowance Method when we do the year end adjusting entry for Bad Debts Help Save Sub Multiple Choice Assets stay the same, Net Income stays the same. Assets decrease, Net Income decreases It depends on the balance in the Allowance account before we make the entry Assets increase, Net Income increases Next > 122 of 150 Sunso For a journal entry with only two lines, the following entry is valid: Increase in Liability, Decrease in Dividends. Help Save & Exh Submit Multiple Choice True False Seved Help The balance sheet of ABC reports total assets of $1,500,000 and $1700,000 at the beginning and end of the year, respectively. Net income and sales for the year are $240,000 and $2,000,000, respectively. What is ABC's asset turnover (round the times to 2 decimal points)? Save & Ex Su Numeric Response