When a company makes a payment towards its Accounts Payable, what is the effect on the accounting equation? a) Assets decrease and liabilities decrease b) Assets increase and liabilities increase c) Assets decrease and liabilities increase d) Assets increase and stockholders' equity decreases Mako Inc. had revenues of $57,000, expenses of $38,000, and paid dividends of $8,200 for the year. If the beginning balance in retained earnings at the beginning of the year was $103,000, calculate Mako Inc.'s ending balance in retained earnings. a) $10,800 b) $113,800 c) $204,000 d) $103,200 Use the data below to answer the following question: Date Jan. 1 Units 500 Unit Cost $40 Total Cost $20,000 Explanation Beginning Inventory Purchase Purchase Purchase May 9 Sep. 25 Nov.5 350 200 700 1,750 $41 $42 $43 $14,350 $8,400 $30,100 $72,850 Assume the company uses LIFO and 1,100 units were sold during the period. Calculate cost of goods sold. a) $27,950 b) $26,150 c) $46,700