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In 2018, Fox. Co. performs 7,000 service hours on a $100,000 contract for which they received $20,000 cash in advance in the previous year, 2017. Fox estimates that it will perform 3,000 additional hours of service to complete the contract next year in 2019. Which of the following represents how Fox's financial statements will change based on Fox's entry for 2018 regarding this contract?

Assets: Increase Liabilities: Increase    SE: Increase    NI: Increase

Assets: Increase   Liabilities: Decrease    SE: Increase    NI: Increase

Assets: Increase    Liabilities: Decrease    SE: No Effect    NI: Increase

Assets: Decrease    Liabilities: Decrease    SE: Increase    NI: Increase

Financial Management, Finance

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