Reference no: EM132625941
Question 1: During 2019, Ithaca Corporation incurred operating expenses amounting to $100,000, of which $75,000 was paid in cash; the balance will be paid during 2020. Which of the following is correct for the 2019 year-end balance?
Option A. Shareholders' Equity decreases $75,000 and assets decrease $75,000.
Option B. Assets decrease $100,000 and Shareholders' Equity decreases $100,000.
Option C. Assets decrease $100,000, liabilities increase $25,000, and stockholders' equity decreases $100,000.
Option D. Shareholders' Equity decreases $100,000, assets decrease $75,000, and liabilities increase $25,000.
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