When a company receives cash before products or services are provided the following results: 28 Multiple Choice 5.5 points 8 02:49:43 Assets and stockholders' equity increase. eBook Assets and revenue increase Liabilities and revenues increase. Liabilities and assets increase. The Fairgrove Company has provided the following information: 29 Net sales, $155,000 Net operating income, $51,000 Net Income $31,000 Average total assets, $131,000 Average net fixed assets; $91,000 5.5 points 8 02:49:31 What is Fairgrove's fixed asset turnover ratio? eBook Multiple Choice 0.56 118 0.34 170 Which of the following would not be included on an income statement? 30 Multiple Choice 5.5 points 8 02:49:18 Accumulated depreciation eBook Insurance expense Cost of goods sold Discontinued operations