Multiple Choice
What is the overall effect on the statement of financial position when the business sells inventory for a profit of $5,000?
A) Increase total assets $3,000; decrease total equity $3,000.
B) Increase total assets $5,000; increase total equity $5,000.
C) No change in total assets; no change in total equity.
D) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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