Mize Company Provided $45,500 of Services on Account, and Collected

question 124

Multiple Choice

Mize Company provided $45,500 of services on account, and collected $38,000 from customers during the year. The company also incurred $37,000 of expenses on account, and paid $32,400 against its payables. How do these events impact the elements of the horizontal financial statements model?

• A)Total assets would increase.
• B)Total liabilities would increase.
• C)Total equity would increase.
• D)All of these answer choices are correct.

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Definitions:

Single Status

The classification of an individual who is not legally married or in a recognized domestic partnership.

Organizations

Groups of people who work together in structured and coordinated ways to achieve a set of goals or objectives.

Individual Action

Actions or deeds carried out by a single person that can influence or impact their environment or society.

Microstructural Level

Refers to the analysis focused on the smallest units of society, such as individuals and their interactions, in contrast to larger societal structures.