What Is the Overall Effect on the Statement of Financial

question 54

Multiple Choice

What is the overall effect on the statement of financial position when the business sells inventory for a profit of $3,000?

• A) Increase total assets $3,000; decrease total equity $3,000.
• B) Increase total assets $3,000; increase total equity $3,000.
• C) No change in total assets; no change in total equity.
• D) None of the above.

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