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Determine the impact of the following transaction on the accounting equation: Christina Company sold goods costing...
Adventures Unlimited Company distributes cash dividends. How does this transaction affect the accounting equation? OA. The...
Adventures Unlimited Company distributes cash dividends. How does this transaction affect the accounting equation? OA. The assets, liabilities, and equity remain the same. B. The assets increase and liabilities decrease. OC. The assets decrease and equity increases. OD. The assets decrease and equity decreases.
The following entry was recorded in the books of Brighty Company. Mar. 31 Cost of Goods...
The following entry was recorded in the books of Brighty Company. Mar. 31 Cost of Goods Sold 18,000 Inventory 18,000 Recorded cost of goods sold. What is the impact of this entry on the accounting equation? a. an increase in Assets and an increase in Equity b. a decrease in Assets and a decrease in Equity Oc. a decrease in Assets and a decrease in Liabilities Od. an increase in Assets and an increase in Liabilities
EX 1-6 Accounting equation A. $1,895,000 Determine the missing amount for each of the following AssetsLlabilities...
EX 1-6 Accounting equation A. $1,895,000 Determine the missing amount for each of the following AssetsLlabilities + Stockholders' Equity A. B. $776,500$588,800 C. $14,750,000-$4,455,000 + 5550,000 $1,345,000 SHOW ME N EX 1-7 Accounting equation Obj. 3, 4 B. $4,120,000 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2017, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: A. IE...
Effect of Transactions on Accounting Equation a. A vacant lot acquired for $297,000 is sold for...
Effect of Transactions on Accounting Equation a. A vacant lot acquired for $297,000 is sold for $573,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? If there is no change, select 'No change from the dropdown and then enter a "0" in the amount box. Effect Amount 1. Total Assets 2. Total Liabilities 3. Stockholders' Equity b. Assume that the seller owes $83,000 on...
2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets...
2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets abilities Stockholders' Equity - $550,000 + $1,345,000 b. 5776,500 - X + $588,800 C$14.750,000 - 54,455,000 + 54,120,000 EX 1-7 Accounting equation Obj. 3,4 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: a....
The Accounting Equation The details of the activities of a company, or transactions, are recorded in...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in a company's accounting system.These transactions are summarized in a set of reports known as the financial statements. The foundation for the accounting system and the financial statements is the accounting equation. Assets = Liabilities + Owner’s Equity The left side of the accounting equation shows the assets of the company: What the company owns. = The right side of the accounting equation summarizes who...
Blake Company completed a consulting job and billed the customer $5,000. The impact on Blake Company...
Blake Company completed a consulting job and billed the customer $5,000. The impact on Blake Company from this transaction A. increases liabilities and decreases stockholders' equity OB. decreases liabilities and increases stockholders' equity O C. increases assets and increases stockholders' equity. OD. increases assets and increases liabilities.
Rosewood Company purchased land for $140,000 by making a cash payment of $28,000 and promising to...
Rosewood Company purchased land for $140,000 by making a cash payment of $28,000 and promising to pay the remaining amount in a later accounting period. What is the net effect of this transaction on Rosewood's accounting equation? O A. assets increase by $140,000 and liabilities decrease by $112,000 OB. assets and equity increase by $112,000 OC. assets increase by $140,000 and liabilities decrease by $28,000 OD. assets and liabilities increase by $112,000
Business Forms and the Accounting Equation I have changed the numbers so that I am not...
Business Forms and the Accounting Equation I have changed the numbers so that I am not plagiarizing. I am just trying to learn this a more simpler way. please help by showing all work. Id like to depend on myself to do this. thank you A business is an organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers. A business entity may take the form of...
The following entry was recorded in the books of Brighty Company. 3,000 Apr. 8 Accounts Payable-Marigold,...
The following entry was recorded in the books of Brighty Company. 3,000 Apr. 8 Accounts Payable-Marigold, Inc. Inventory Debit Memo No. 25. 3,000 What is the impact of this entry on the accounting equation? Oa. an increase in Assets and an increase in Equity Ob. a decrease in Assets and a decrease in Liabilities Oc. a decrease in Assets and a decrease in Equity d. an increase in Assets and an increase in Liabilities
Adventures Unlimited Company distributes cash dividends. How does this transaction affect the accounting equation? OA. The assets, liabilities, and equity remain the same. B. The assets increase and liabilities decrease. OC. The assets decrease and equity increases. OD. The assets decrease and equity decreases.
The following entry was recorded in the books of Brighty Company. Mar. 31 Cost of Goods Sold 18,000 Inventory 18,000 Recorded cost of goods sold. What is the impact of this entry on the accounting equation? a. an increase in Assets and an increase in Equity b. a decrease in Assets and a decrease in Equity Oc. a decrease in Assets and a decrease in Liabilities Od. an increase in Assets and an increase in Liabilities
EX 1-6 Accounting equation A. $1,895,000 Determine the missing amount for each of the following AssetsLlabilities + Stockholders' Equity A. B. $776,500$588,800 C. $14,750,000-$4,455,000 + 5550,000 $1,345,000 SHOW ME N EX 1-7 Accounting equation Obj. 3, 4 B. $4,120,000 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 2017, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: A. IE...
Effect of Transactions on Accounting Equation a. A vacant lot acquired for $297,000 is sold for $573,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? If there is no change, select 'No change from the dropdown and then enter a "0" in the amount box. Effect Amount 1. Total Assets 2. Total Liabilities 3. Stockholders' Equity b. Assume that the seller owes $83,000 on...
2. $1,895,000 EX 1-6 Accounting equation Determine the missing amount for each of the following: Assets abilities Stockholders' Equity - $550,000 + $1,345,000 b. 5776,500 - X + $588,800 C$14.750,000 - 54,455,000 + 54,120,000 EX 1-7 Accounting equation Obj. 3,4 Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $5,250,000 and liabilities of $1,600,000. Using the accounting equation and considering each case independently, determine the following amounts: a....
Blake Company completed a consulting job and billed the customer $5,000. The impact on Blake Company from this transaction A. increases liabilities and decreases stockholders' equity OB. decreases liabilities and increases stockholders' equity O C. increases assets and increases stockholders' equity. OD. increases assets and increases liabilities.
Rosewood Company purchased land for $140,000 by making a cash payment of $28,000 and promising to pay the remaining amount in a later accounting period. What is the net effect of this transaction on Rosewood's accounting equation? O A. assets increase by $140,000 and liabilities decrease by $112,000 OB. assets and equity increase by $112,000 OC. assets increase by $140,000 and liabilities decrease by $28,000 OD. assets and liabilities increase by $112,000
The following entry was recorded in the books of Brighty Company. 3,000 Apr. 8 Accounts Payable-Marigold, Inc. Inventory Debit Memo No. 25. 3,000 What is the impact of this entry on the accounting equation? Oa. an increase in Assets and an increase in Equity Ob. a decrease in Assets and a decrease in Liabilities Oc. a decrease in Assets and a decrease in Equity d. an increase in Assets and an increase in Liabilities
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