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Radford Company was started on January 2, 2016. During its first year of operations, Radford Company provided $86,000 in consulting services to its clients on account and collected $69,000 of this amount. Use the horizontal financial statements model to record these transactions and determine which of the following statements is incorrect.
a. Net income increased by $86,000.
b. Total assets increased by $69,000.
c. Retained earnings increased by $86,000.
d. A cash inflow of $69,000 is shown on the statement of cash flows.
Albrecht Corporation had outstanding 353,000 shares of common stock and 20,000 shares of 9.5%, $100 par value cumulative, nonconvertible preferred stock. On May 31, 2016, Albrecht sold for cash 12,000 shares of its common stock
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