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