Which of the following financial statements should be prepared first? .A Balance Sheet .B Income Statement . O Owners Equity Statement O Statement of Cash Flows A business has the following items in it: - Owners equity $600,000 - Total liabilities $1,400,000 - Assets ? What is the value of the assets in this business? O $600,000 .B O $800,000 . O $1,400,000 O $2,000,000 Services Revenues 6500, Account Payable 500, Salaries Expenses 900, Supplies 1000, Building 800, Account Receivable 1200, Utilities Expenses 800, Advertising Expenses 200, The Net Income =: .A O 4700 4500 .C 4600 .D Non of the above Which of the following is NOT a financial statement? .A Balance sheet Accounting cycle Statement of cash flows Income statement Mafraq Company receives 6000 cash from customers for programming services it has provided, The effect of this Transaction on accounting equation: .A Increase Assets 6000 and Increase Owners Equity 6000 .B O Increase Assets 6000 and Decrease Owners Equity 6000 .C Decrease Assets 6000 and Increase Owners Equity 6000 .D O Decrease Assets 6000 and Decrease Owners Equity 6000 Mafraq Company purchases equipment for $1,200 and supplies for $400 from Zarqa Company for $1,600 cash. The entry for this transaction will include a .A Debit to Equipment $1,200 and a debit to Supplies Expense $400 for Zarqa Company .B Credit to Cash for Zarqa Company . Credit to Accounts Payable for Mafraq Company .D Debit to Equipment $1,200 and a debit to Supplies (asset) $400 for Mafraq Company At May 10, 2018. Mafraq company Purchases office Equipment 35000 from Zarqa company and by signing a note 6% Interest for 6 Months, The Entry should be recorded at this date (May 10, 2018): .A Debit Account Payable 35000, Credit Equipment 35000 .B Debit Equipment 35000, Credit Note Payable 35000 .C Debit Equipment 34000, Credit Account Payable 34000 Debit Note Payable 35000, Credit Equipment 35000 Posting: .A Normally occurs before journalizing .B Transfers ledger transaction data to the journal .C Is an optional step in the recording process O Transfers journal entries to ledger accounts Which of the following transactions would have NO impact on owners' equity? O Purchase of land .B O Net income . Net loss .D Investments of cash