Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. o effect of transactions on accounting equation a

O Effect of Transactions on Accounting Equation a A vacant lot acquired for 404 000...

80.2K

Verified Solution

Question

Basic Math

image

O Effect of Transactions on Accounting Equation a A vacant lot acquired for 404 000 is sold for 779 500 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 1 Total Assets 2 Total Liabilities 3 1 Total Assets 2 Total Liabilities Effect Stockholders Equity b Assume that the seller owes 113 000 on a loan for the land After receiving the 779 500 cash in a the seller pays the 113 000 owed What is the effect of the payment 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 Consider only the payoff of the loan without considering the sale of the land Effect Increased No Change 3 Increased Decreased Decreased Amount Stockholders Equity c Is it true that a transaction always affects at least two elements Assets Liabilities or Stockholders Equity of the accounting equation No Change Amount

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What are the implications of expected changes in aging such as declines in working memory capacity...

Biology
Q

discuss the issues of cramming for a test versus distributed learning?

Psychology
Q

Steam undergoes an isentropic compression in an insulated piston–cylinder assembly from an initial state where T1 =...

Mechanical Engineering
Q

1. The second order fringe when 700 nm light falls on a double slit is observed at...

Physics
Q

Three companie are bidding to sell statistical software for an Econ Department. Assume the software that...

Economics
Q

Which core behavior within the Code of Ethics do you personally think would be most challenging?...

Accounting
Q

There are 550 toothpicks in a regular sized box If a jumbo box is made...

Geometry
Q

EVALUATE Lesson 10 5 Homework HW Complete problems 1 6 for independent practice Independent Practice...

Geometry
Q

T My Activities QUESTION Tell me what you want to do Q TOMSZ Your income...

Algebra
Q

The predetermined overhead rate is 80% of direct labor cost for Blue Mountains, Inc. During...

Accounting
Q

Tom Tanner Traded in a printing Press with an adjusted basis of $13,000 and a...

Accounting
Q

Read the introductory box on page 117 in the text (Greig Perantinos, Entrepreneur). What communication...

Accounting