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2. Which of the following is false regarding receivables? a) They usually represent one of a company's most liquid assets. b) They are amounts owed by a company to their customers c) They can be one of the larges assets for a company d) They are generally classified as a current asset 3. When a company makes a sale on account a) Accounts Receivable Increases and Cash Increases b) Accounts Receivable Decreases and Cash Increases c) Accounts Receivable Increase and Revenues increase d) Accounts Receivable decrease and revenues decrease 4. Below is select account information for Madison Co. Cash $5,000 Accounts payable $6,000 Service revenue 10,000 Inventory 7,000 Marketing expense 1,000 Equipment 20,000 Common Stock 25,000 Notes payable 12,000 Accounts receivable 8,000 Utilities expense 800 Salaries and wages expenses $3,400 On which financial statements will assets be reported, and for what amount? a) Balance Sheet, $50,000 b) Income Statement, $50,000 c) Balance Sheet, $40,000 d) Statement of Retained Earnings, $40,000 e) Income Statement, $75,000