Reference no: EM13556015
Curtis Security Services, Inc. has some clients who pay for their services in advance and other clients who receive services on account. During 2005, Curtis received $628,600 in advance for services to be performed in 2006. Also in 2005, Curtis provided $1,036,500 of services to customers on account. Curtis incurred $476,800 of expenses, all on account. What effect did these particular revenue and expense transactions have on the balance sheet?
a. Increase total assets $1,188,300; increase total liabilities $476,800; increase total stockholders' equity $711,500.
b. Increase total assets $1,188,300; increase total liabilities $628,600; increase total stockholders' equity $559,700.
c. Increase total assets $1,665,100; increase total liabilities $1,105,400; increase total stockholders' equity $559,700.
d. Increase total assets $1,665,100; increase total liabilities $476,800; increase total stockholders' equity $1,188,300.
e. None of the above.
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