McPherson Company sold goods to a customer at a sales price of $1,000. In addition, an additional $50 for sales tax was collected, for a total amount of cash received from the customer of $1,050.

Due to this transaction, which of the following is true?

Expenses will increase $50
Net income will increase $1,050
Total liabilities will increase $1,050
Total assets will increase $1,050
Revenue will increase $1,050

Mark knopf is an auditor who has been asked to provide an audit and financial statement certification for a company that is going public on the new york stock exchange. knopf wants to know his personal liability if the company provides him with inaccurate or false information. which of the following sources of law will him answer that question? a. the city ordinances where the company headquarters is located. b. the state constitution of the state where the company is incorporated. c. code of federal regulations. d. all of the above