Multiple Choice
What is the overall effect on the balance sheet when the business sells inventory for a profit of $3,000?
A) no change in total assets; no change in total equity
B) increase total assets by $3,000; increase total equity by $3,000
C) increase total assets by $3,000; decrease total equity by $3,000
D) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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