If a company receives $11,600 from the owner to establish a proprietorship, the effect on the...
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If
a company receives $11,600 from the owner to establish a
proprietorship, the effect on the...
MC Qu. 119 If a company receives... If a company receives $12,800 from its sole stockholder...
MC Qu. 119 If a company receives... If a company receives $12,800 from its sole stockholder to establish a corporation, the effect on the accounting equation would be: Multiple Choice Assets decrease $12,800 and equity decreases $12,800. Assets increase $12,800 and liabilities decrease $12,800 Assets increase $12,800 and liabilities increase $12,800. Liabilities increase $12,800 and equity decreases $12,800.
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
ABC Company's owner withdrawals $2,000 cash. What is the effect on the accounting equation? A. Assets...
ABC Company's owner withdrawals $2,000 cash. What is the effect on the accounting equation? A. Assets increase by $2,000 and equity increases by $2,000. B. Assets decrease by $2,000 and equity decreases by $2,000. C. Assets decrease by $2,000 and liabilities decrease by $2,000. D. The amount of total assets remains the same
Sunfish & Company collected $8,000 from an outstanding account receivable. What would be the effect of...
Sunfish & Company collected $8,000 from an outstanding account receivable. What would be the effect of this transaction on the accounting equation? Select one: A. Assets Liabilities Shareholders' Equity No Effect No Effect No Effect B. Assets Liabilities Shareholders' Equity Increase $8,000 No Effect Increase $8,000 C. Assets Liabilities Shareholders' Equity Decrease $8,000 Decrease $8,000 No Effect D. Assets Liabilities Shareholders' Equity Increase $8,000 Decrease $8,000 No Effect
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common Stock (c) Supplies Expense (d) Notes Payable 2. Windward Inc. makes a payment of $500 on its accounts payable. How does this effect the accounting equation? a. Assets decrease and Liabilities decrease b. Assets increase and Equity Decreases c. Assets decrease and Equity decreases d. Assets increase and Liabilities increase e. Assets decrease and Liabilities increase 3. Chitron Corporation earns $750 working for a...
If a company uses $1,300 of its cash for Equipment, the effect on the accounting equation...
If a company uses $1,300 of its cash for Equipment, the effect on the accounting equation would be Assets decrease $1.500 and equity decreases $1,300. DA Assets increase $1,300 and liabilities decrease $1,300 B. Assets increase $1,300 and liabilities increase $1,300 One asset increases $1,300 and another asset decreases $1,300, causing no effect ving to another question will save this response.
Which of the following is NOT a possible effect on the accounting equation from a single...
Which of the following is NOT a possible effect on the accounting equation from a single transaction of $1,000? A. Assets increase by $1,000; Equity increases by $1000; no other changes B. Liabilities decrease by $1000; Equity decreases by $1000; no other changes C. Liabilities increase by $1,000; Equity decrease by $1000; no other changes D. Assets decrease by $1,000; Liabilities decrease by $1000; no other changes
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising...
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
QUESTION 2 if a company is considering the purchase of a parcel of land that was...
QUESTION 2 if a company is considering the purchase of a parcel of land that was acquired by the seller for $85,000, is offered for sale at $150.000, is assessed for tax purposes at 595.000, is recognized by the purchaser as easily being worth $140,000, and is purchased for $137.000, the land should be recorded in the purchaser's books at $140,000 5137,000 O $150,00 O 195.000 5138.500 QUESTION If a company purchases equipment costing 54,500 on credit, the effect on...
MC Qu. 119 If a company receives... If a company receives $12,800 from its sole stockholder to establish a corporation, the effect on the accounting equation would be: Multiple Choice Assets decrease $12,800 and equity decreases $12,800. Assets increase $12,800 and liabilities decrease $12,800 Assets increase $12,800 and liabilities increase $12,800. Liabilities increase $12,800 and equity decreases $12,800.
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
ABC Company's owner withdrawals $2,000 cash. What is the effect on the accounting equation? A. Assets increase by $2,000 and equity increases by $2,000. B. Assets decrease by $2,000 and equity decreases by $2,000. C. Assets decrease by $2,000 and liabilities decrease by $2,000. D. The amount of total assets remains the same
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
If a company uses $1,300 of its cash for Equipment, the effect on the accounting equation would be Assets decrease $1.500 and equity decreases $1,300. DA Assets increase $1,300 and liabilities decrease $1,300 B. Assets increase $1,300 and liabilities increase $1,300 One asset increases $1,300 and another asset decreases $1,300, causing no effect ving to another question will save this response.
Which of the following is NOT a possible effect on the accounting equation from a single transaction of $1,000? A. Assets increase by $1,000; Equity increases by $1000; no other changes B. Liabilities decrease by $1000; Equity decreases by $1000; no other changes C. Liabilities increase by $1,000; Equity decrease by $1000; no other changes D. Assets decrease by $1,000; Liabilities decrease by $1000; no other changes
11. Jason Repair Company incurred $1.500 as an advertising expense and promised to pay the advertising agency within 30 days. The company is a sole proprietorship. Which of the following will decrease as a result of this transaction? A) Assets B) Jason, Capital C) Liabilities D) Revenues 12. Montgomery Equipment Rental Company received $1,000 cash from a customer, the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation?...
QUESTION 2 if a company is considering the purchase of a parcel of land that was acquired by the seller for $85,000, is offered for sale at $150.000, is assessed for tax purposes at 595.000, is recognized by the purchaser as easily being worth $140,000, and is purchased for $137.000, the land should be recorded in the purchaser's books at $140,000 5137,000 O $150,00 O 195.000 5138.500 QUESTION If a company purchases equipment costing 54,500 on credit, the effect on...
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