WFC Co.'s petty cash receipts indicate the following expenditures for the end of October: Office supplies...
WFC Co.'s petty cash receipts indicate the following
expenditures for the end of October:
| Office supplies | $500 |
| Miscellaneous selling expense | $350 |
| Miscellaneous administrative expense | $160 |
As a result of these transactions, WFC Co.'s stockholders'
equity:
a.decreases by $1,010.
b.increases by $500.
c.remains unchanged.
d.decreases by $510.
Homework Answers
Office supplies purchased increases current assets an decreases cash. The net effect will be '0'.
Miscellaneous Selling expense($350) and Miscellaneous administrative expense ($160) reduce or decrease WFC co.'s Stock holder's equity.
Because expense decreases net income. Net income is transferred to retained earnings which is a part of stockholder's equity.
So, Total Stockholder's equity will be decreased by $510.
Option 'D' is correct
Add Answer to:
WFC Co.'s petty cash receipts indicate the following
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