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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. As a result of these events: A. total assets would increase B. total liabilities would increase C. total equity would increase D. All of these answer choices are correct.

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. As a result of these events: A. total assets would increase B. total liabilities would increase C. total equity would increase D. All of these answer choices are correct.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4TP: You are considering two possible companies for investment purposes. The following data is available...
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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. As a result of these events: A. total assets would increase B. total liabilities would increase C. total equity would increase D. All of these answer choices are correct.
Transcribed Image Text: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. As a result of these events: 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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