Consider the case for August Corporation below. Use this information to answer Questions $5-7.$

August Corporation reports the following account balances for $20$XX:

Accounts payable $ $15,200$ Miscellaneous expense $850$

Accounts receivable $185,000$ Rent expense $14,600$

Capital stock $200,000$ Retained earnings, $1-01432,000$

Cash $76,950$ Sales $585,000$

Cost of sale $326,000$ Supplies $12,400$

Dividends $2,000$ Supplies expense $8,100$

Equipment $275,000$ Wages expense $84,500$

Land $250,000$ Wages payable $3,200$

Flag question: Question $5$

Question $50\mathrm{.}35$ pts

What is August's net income for the year?

Group of answer choices

$$150,950$

$$148,950$

$$335,950$

$$333,950$

Flag question: Question $6$

Question $60\mathrm{.}35$ pts

What are August's total assets at the end of the year?

Group of answer choices

$$580,950$

$$999,350$

$$799,350$

$$1,231,350$

Flag question: Question $7$

Question $70\mathrm{.}35$ pts

What are August's total liabilities at the end of the year?

Group of answer choices

$$15,200$

$$18,400$

$$218,400$

$$452,400$

Flag question: Question $8$

Question $80\mathrm{.}35$ pts

Which of these transactions would be categorized as a financing activity of a firm?

Group of answer choices

Inventory purchased for cash

Sales of product for cash

Cash paid for the purchase of equipment

Dividend payments to shareholders

Flag question: Question $9$

Question $90\mathrm{.}35$ pts

The cost of assets consumed or services used is also known as:

Group of answer choices

A revenue

An expense

A liability

An asset