In a Financing Lease the Lessee records an Asset and a Liability 68, 61 A) False B) True 2)

Please solve question nr 2 as I can not decide between 2 answers..show your calculatuons……A) AssetsT) In a Financing Lease the Lessee records an Asset and a Liability68, 61A) FalseB) True2) The balance sheet of ABC reports total assets of $1.500,000 and $1,700,000 at the beginning andend of the year, respectively. Net income and sales for the year are $240,000 and $2.000.000respectively. What is ABC’s return on assets?A) 16%.B) 15%.C) 12%3) ABC purchases inventory for $2,000 and incurs shipping costs of $100 for the goods to bedelivered. To record this transaction, the company debits Inventory for $2,000, debits SellingExpenses for $100, and credits Cash for $2. 100. Which of the following statements is cometA) Net income is overstated.() Assets are understatedC) Revenues are understated.D) All accounts are accurately stated4) ABC spends $50,090 this year in research and development for a new drug to cure liver dunsterBy the end of the year, management feels confident that the new drug will gain FDA approval andlead to higher future sales, What impact will the $50,000 spending have on this year’s financialstatements?A Increase Expenses.1) Decrease RevenuesIncrease RevenuesD) Increase Assets

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