1. Which of the following accounts are similar in that they represent liabilities that must be paid back at some specified point in the future? Select all that apply.
   
   A Russell Candies has $14,000 in wages payable.
   
   B Olson Grocers has $27,000 in accounts payable.
   
   C Snyder Drug Store has $96,000 in inventory.
   
   D Gibson Electronics has $32,000 in accounts receivable.
   
   E Ramos Automotive has $50,000 in notes payable.
   
   F Chavez Landscaping has $63,000 in service revenue

A Russell Candies has $14,000 in wages payable.

B Olson Grocers has $27,000 in accounts payable.

E Ramos Automotive has $50,000 in notes payable.

2. Resources that are owned by a company are called

assets

3. Coleman Camping Supplies decided to use cash to purchase a new tent sewing machine. It will effectively double their ability to produce tents. How will this purchase affect Coleman's operating activities

It will increase their finished goods inventory and hopefully increase revenue.