Which of the following adjustments would require decreasing the liabilities reported on the statement of financial position? a. A company uses $400 worth of supplies during the year b. A company records $400 worth of depreciation on equipment c. A company has earned $400 of revenue collected at the beginning of the year d. A company records $400 of wages earned by employees that will be paid next year 15. XYZ Company purchased by increasing assets. At the end of the year 1,300 of the supplies are still on hand. If XYZ Company does not make the appropriate adjusting entry, what is the impact on its statement of financial position at December 31, 2017? a. Assets overstated by 2,200. b. Equity understated by 2,200. c. Equity overstated by 1,300. d. Assets overstated by 1,300. 16. supplies costing 3,500 on January 1,2017 and recorded the transaction Use the following information for questions 17-20 ABC Company began operations on December 1,2017. Presented below is selected information related to the company at December 31, 2017 Equipment Cash Service Revenue Rent Expense Accounts Payable Share Capital-ordinary 80,000 28,000 216,000 26,000 32,000 56,000 Utilities Expense Accounts Receivable Salaries and Wages Expense Notes Payable Dividends 12,000 54,000 94,000 20,000 30,000 At December 31, 2017, assets total is: a. 108,000. b. 140,000. c. 162,000. d. 194,000 17. At December 31, 2017, liabilities total is: a. 32,000. b. 52,000. c. 74,000 d. 82,000. 18. Net income for the month of December is a. 54,000. b. 84,000. c. 112,000. d. 132,000. 19. Equity at December 31, 2017, is a. 296,000 b. 242,000. c. 186,000. d. 110,000. 20