The only revenue for the Ford Company is Sales. The only expenses are Cost of Goods Sold and Operating Expenses. A net income will result if: Select one: O a. Cost of Goods Sold exceeds Purchases O b. Operating Expenses exceeds Cost of Good Sold O c. Gross Margin exceeds Operating Expenses O d. Gross Margin exceeds Cost of Goods Sold O e. Operating Expenses exceeds Gross Margin A firm began operations on January 1, 2017, with contributed capital of $50,000. Revenue Expense Dividends 2017 $253,000 $125,400 $35,200 2018 $572,000 $258,500 $83,600 No other transactions affecting equity occurred. What was Retained Earnings and Total Equity at 12/31/18, respectively? Select one: O a. $229,900, $279,900 O b. $313,500, $363,500 c. $322,300, $372,300 O d. $229,900, $279,900 e. $92,400, $142,400 On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three day's wages of $600 ($200 per day). The proper 12/31/12 closing entries are made. No reversing entry is made on 1/1/13. Strickland pays the weekly payroll of $1,000 on 1/2/13. The balance in the Wage Expense account after the 1/2/13 journal entry will be: Select one: O a. $0 O b. $400 O c. $600 O d. $1,000 O e. $1,200 At December 31, the following amounts before adjusting entries (Column 1) and after adjusting entries (Column II) were reported: Supplies Expense Rent Expense Wages Payable Unearned Rent Revenue Columni Unadjusted $18 $4 $20 $21 Column 1 Adjusted $16 $11 $25 $13 Initial journal entries to record cash paid for supplies were on the cash basis. What effect did these adjusting entries have on net income for the year ended December 31? Select one: O a. $22 decrease O b. $2 increase O c. $6 increase O d. $2 decrease O e. $22 increase