Profit is the difference between a. assets and liabilities b. the incoming cash and outgoing cash c. the assets purchased with cash contributed by the owner and the cash spent to operate the business d. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services 2. which of the following groups of companies are all examples of a merchandising business? a. Delta Airlines, Marriou, Gap b. Gap, Amazon, NIKE c. GameStop, Sony, Dell d. GameStop, Best Buy, Gap 3. On May 20. White Repair Service extended an after of $108,000 for land that had been priced for sale at $140, 000. On May 30, White Repair Service accepted the seller's counteroffer of $115,00. On June 20, the land was assessed at a value of $95,000 for property tax purposes. One July 4, White Eepair Service was offered $150, 000 for the land by a national retail chain. At what value should the land be recorded in White Repair Service's records? a. $108,000 b. $95,000 c. $140, 000 d. $115,000 4. Within the United States, the dominant body in the primary development of accounting principles is the a. American Institute of Certified Public Accountants (AICPA) b. American Accounting Association (AAA) c. Financial Accounting Standards Board (FASB) d. Institute of Management Accountants (IMA) 5. The assets and liabilities of the company are $128,000 and $84,000, respectively, Stockholders' equity should equal a. $212,000 b. $44,000 c. $128,000 d. $84,000 6. If total assets decreased by $88,000 during a period of time and stockholders' equity increased by $71,000 during the same period, then the amount and direction