6. Assume that r@ktas Inc., sold inventory on account for $ 2,000. How would this transaction affect r@ktas' accounting equation? a. Increase both assets and liabilities by $ 2,000. b. Increase both assets and shareholders' equity by $ 2,000. c. Increase both liabilities and shareholders' equity by $ 2,000. d. Increase shareholders' equity $ 72,000.

6. Assume that r@ktas Inc., sold inventory on account for $ 2,000. How would this transaction affect r@ktas' accounting equation? a. Increase both assets and liabilities by $ 2,000. b. Increase both assets and shareholders' equity by $ 2,000. c. Increase both liabilities and shareholders' equity by $ 2,000. d. Increase shareholders' equity $ 72,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ee 106.
Required: Net income?
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