$20.$ Many liabilities have the word $\_\_\_\_\_\_\_\_$ in the title.A$)$ expenseB$)$ revenueC$)$ receivableD$)$ payable $21.$ Maxwell Plumbing Services earned $$500$ by completing a job for Smith Company. The $$500$ earned by Maxwell Plumbing Services is its $\_\_\_\_\_\_\_\_.$A$)$ revenueB$)$ expensesC$)$ gainD$)$ debt $22.$ Owner contributions to a company are referred to as $\_\_\_\_\_\_\_\_.$A$)$ WithdrawalsB$)$ RevenuesC$)$ AssetsD$)$ Capital $23.$ Earnings that result from delivering goods or services to customers are referred to as $\_\_\_\_\_\_\_\_.$A$)$ WithdrawalsB$)$ RevenuesC$)$ AssetsD$)$ Capital $24.\_\_\_\_\_\_\_\_$ are the costs of selling goods or services.A$)$ LiablitiesB$)$ RevenuesC$)$ AssetsD$)$ Expenses $25.$ When revenues are greater than expenses, the result is a$($n$)\_\_\_\_\_\_\_\_.$A$)$ WithdrawalsB$)$ Owner, CapitalC$)$ Net IncomeD$)$ Net Loss $26.$When expenses are greater than revenues, the result is a$($n$)\_\_\_\_\_\_\_\_.$A$)$ WithdrawalsB$)$ Owner, CapitalC$)$ Net IncomeD$)$ Net Loss $27.$ Green Lawns Company earned $$500$ for landscaping services rendered. The customer promised to pay at a later time. Which of the following accounts increased as a result of this transaction?A$)$ Accounts PayableB$)$ SuppliesC$)$ CashD$)$ Accounts Receivable $28.$ Nick's Landscaping Services incurred $$500$ as a repair expense and promised to pay the repair company within $30$ days. Which of the following accounts will increase as a result of this transaction?A$)$ Accounts ReceivableB$)$ CashC$)$ Accounts PayableD$)$ Owner's Capital $30.$ Accountants record $\_\_\_\_\_\_\_\_.$A$)$ economic recessionsB$)$ estimated future transactionsC$)$ only those events that have dollar amounts than can be measured reliablyD$)$ the $$20,000$ increase in value of a building that actually cost $$50,000$ but could be sold for $$70,00031.$ A profitable company may make distributions to the owner in the form of $\_\_\_\_\_\_\_\_.$A$)$ WithdrawalsB$)$ RevenuesC$)$ AssetsD$)$ Capital $32.$ Which of the following is an asset?A$)$ Accounts PayableB$)$ Service RevenueC$)$ Merchandise InventoryD$)$ Advertising Expense $33.$ Which of the following is NOT an asset?A$)$ CashB$)$ Accounts PayableC$)$ Accounts ReceivableD$)$ Land $34.$ Which of the following is a decision made by an internal user?A$)$ Should we lend money to the business?B$)$ How much money should the business budget for production?C$)$ Should I invest in the business?D$)$ All of the above are correct. $35.$ The field of accounting that focuses on providing information for internal decision makers is $\_\_\_\_\_\_\_\_.$A$)$ managerial accountingB$)$ financial accountingC$)$ nonmonetary accountingD$)$ governmental accounting Part Two $30$ points Michael Company has just completed operations for the year ended December $31,2024.$ The following data have been assembled for the business: Accounts Payable$ $12,200$Office Expense$ $6,500$Accounts Receivable$14,500$Rent Expense$9,600$Cash$8,200$Michael, Capital, Jan. $1,202417,300$Michael, Withdrawals$13,500$Salaries Expense$36,000$Equipment$15,000$Service Revenue$84,000$Insurance Expense$4,000$Utilities Expense$6,200$ Prepare the income statement. Use a proper heading. Merian Company has just completed operations for the year ended December $31,2024.$ This is the second year of operations for the company. The following data have been assembled for the business at December $31,2024.$ Accounts Payable$$12,200$Office Expense$$6,500$Accounts Receivable$14,500$Rent Expense$9,600$Cash$8,200$Merian, Capital, Jan. $1,202417,300$Merian, Withdrawals$13,500$Salaries Expense$36,000$Equipment$15,000$Service Revenue$84,000$Insurance Expense$4,000$Utilities Expense$6,200$ Prepare the statement of owner's equity for the year. Use a proper heading. Wylie Company has just completed operations for the year ended December $31,2024.$ This is the second year of operations for the company. The following data have been assembled for the business. Accounts Payable$ $12,200$Office Expense$ $6,500$Accounts Receivable$14,500$Rent Expense$9,600$Cash$8,200$Wylie, Capital, December $31202425,500$Wylie, Withdrawals$13,500$Salaries Expense$36,000$Equipment$15,000$Service Revenue$84,000$Insurance Expense$4,000$Utilities Expense$6,200$