Homework Answers
Ans: $10000 cash deposited into the busines bank account in exchange for common stock. The effect is to-
Increase assets, Increase stockholder's equity.
Analysis:
The organization received $10000 in cash deposited in business bank account in exchange for ownership in common stock of $10000.
We will increase the asset cash and increase the common stock.
| Assets | Equity | |
| Transaction | Cash | Common Stock |
| 1. Owner invested cash | $10000 | $10000 |
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$10,000 cash is deposited into the business bank account in exchange for common stock. The effect...
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if a company uses $ 1,340 of it's cash to purchase supplies, the effect on the account equation would be? assets increase $1,340 and liabilities decrease $1340 one asset increases $1340 and another asset decreases $1340, causing no effect assets decrease $1340 and equity decreases $1340 assets decrease $1340 and equity increases $1340 assets increase $1340 and liabilities increase $1340
When a company issues common stock for cash, what is the effect on the accounting equation...
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Stockholders invested $10,000 cash in the business in exchange for common stock. **IF YOU ARE NOT...
Stockholders invested $10,000
cash in the business in exchange for common stock. **IF YOU ARE NOT
ABLE TO ANSWER ALL QUESTION, DON'T BOTHER :) **
1 Purchased
used truck for $6,000, paying $3,000 cash and the balance on
account.
3 Purchased
cleaning supplies for $1,200 on account.
5 Paid
$1,200 cash on a 1-year insurance policy effective March
1.
14 Billed
customers $4,800 for cleaning services.
18 Paid
$1,500 cash on amount owed on truck and $500 on amount owed on
cleaning supplies.
20 Paid
$1,800...
If a company uses $1,300 of its cash for Equipment, the effect on the accounting equation...
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Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $10,000. BSC borrowed...
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $10,000. BSC borrowed $31,000 from the bank, promising
to repay it in two years. BSC paid $36,000 for computer equipment
with check number 101 and signed a note for $3,000 due in six
months. BSC received $500 of supplies purchased on account. BSC’s
loan contains a clause (“covenant”) that requires BSC to maintain a
ratio of current assets to current liabilities of at least
1.4.
Required information...
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of...
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John invests $30,000 in JHL Inc. in exchange for common stock. How would this affect the...
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A small company near loop 410 pays $8,000 cash for some new equipment. The effect is increase stockholder's equity decrease stockholder's equity no change in total assets increase liabilities
When a company issues common stock for cash, what is the effect on the accounting equation for the company? Select one: a. Assets increase and liabilities increase. O b. Liabilities decrease and stockholders' equity increases. O C. Assets increase and stockholders' equity increases. O d. Assets decrease and liabilities decrease. Jump to... • How Accounting Systems Work (B. il auto.proctoru.com is sharing your screen. Stop sharing Hide
Stockholders invested $10,000
cash in the business in exchange for common stock. **IF YOU ARE NOT
ABLE TO ANSWER ALL QUESTION, DON'T BOTHER :) **
1 Purchased
used truck for $6,000, paying $3,000 cash and the balance on
account.
3 Purchased
cleaning supplies for $1,200 on account.
5 Paid
$1,200 cash on a 1-year insurance policy effective March
1.
14 Billed
customers $4,800 for cleaning services.
18 Paid
$1,500 cash on amount owed on truck and $500 on amount owed on
cleaning supplies.
20 Paid
$1,800...
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.
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $10,000. BSC borrowed $31,000 from the bank, promising
to repay it in two years. BSC paid $36,000 for computer equipment
with check number 101 and signed a note for $3,000 due in six
months. BSC received $500 of supplies purchased on account. BSC’s
loan contains a clause (“covenant”) that requires BSC to maintain a
ratio of current assets to current liabilities of at least
1.4.
Required information...
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of $15,000 into the business cash account Identify how the accounting equation will be affected. Oa. Increase in assets (Cash) and increase in owner's equity (Michael Anderson, Capital) Ob. Increase in assets (Accounts Receivable) and decrease in liabilities (Accounts Payable) Oc. Increase in assets (Cash) and increase in assets (Accounts Receivable) Od. Increase in assets (Cash) and increase in liabilities (Accounts Payable)
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Selected transactions an. 2 Invested $15,000 cash in the business in exchange for common stock for L. Takemoto, an interior decorating firm, in its first month of business, are as follows. Purchased used car for $8,200 cash for use in the business. Purchased supplies on account for $500 3 9 20 Received $780 cash from customers billed on January 11 23 Paid creditor $300 cash on balance owed 28 Declared and paid a $500 cash dividend. (a) (b) (c) (d)...
A small company near loop 410 pays $8,000 cash for some new equipment. The effect is increase stockholder's equity decrease stockholder's equity no change in total assets increase liabilities
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