Daily Grind, Inc. began by selling 15,000 of common stock to its owners in exchange for cash. The effect of this transaction on the accounting equation is:
A) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
15,000 cash No effect No effect 15,000 revenue
B) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
15,000 cash No effect 15,000 common stock No effect
C) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
No effect 15,000 cash 15,000 cash No effect
D) Total shareholders' equity
Total assets Total liabilities Contributed capital Retained earnings
15,000 cash 15,000 cash No effect Increase
Question 2
Multiple-step income statements show
a. gross profit but not income from operations
b. neither gross profit nor income from operations
c. both gross profit and income from operations
d. income from operations but not gross profit
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