4. r@ktas company paid $ 7,000 cash to the supplier. As a result of this transaction, a. assets would increase by $ 7,000 c. expense would increase by 7,000 b. revenue would increase by 7,000 d. liabilities would decrease by $ 7,000

4. r@ktas company paid $ 7,000 cash to the supplier. As a result of this transaction, a. assets would increase by $ 7,000 c. expense would increase by 7,000 b. revenue would increase by 7,000 d. liabilities would decrease by $ 7,000

Name: 4. r@ktas company paid $ 7,000 cash to the supplier. As a result of t
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Description: 4. r@ktas company paid $ 7,000 cash to the supplier. As a result of this transaction,a. assets would increase by $ 7,000c. expense would increase by 7,000b. revenue would increase by 7,000d. liabilities would decrease by $ 7,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.12E: Net income and dividends The income statement of a corporation for the month of February indicates a...

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Net income and dividends The income statement of a corporation for the month of February indicates a net income of $32,000. During the same period, $40,000 in cash dividends were paid. Would it be correct to say that the business Incurred a net loss of $8000 during the month? Discuss.
When a company buys equipment for $161,000 and pays for one half in cash and the other one half is financed by a note payable, which of the following are the effects on the accounting equation? a. Total assets increase $161,000 b. Total liabilities increase $161,000 c. Total liabilities decrease $80,500 d. Total assets increase $80,500
ABC Co. paid salary $2,000 in cash. What would be the impact of this transaction on the accounting equation? Assets will decrease by $2,000 and liabilities will increase by $2,000 Assets balance will remain unchanged Assets and equity will decrease by $2,000 each Assets and equity will increase by $500 each
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Zion Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. What would be the effects of this transaction on the accounting equation? Group of answer choices Assets decrease by $75,000 and expenses decrease by $75,000. Liabilities increase by $75,000 and expenses decrease by $75,000. Assets increase by $75,000 and expenses decrease by $75,000. Assets increase by $75,000 and liabilities increase by $75,000.
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4. When a company pays cash for a truck, what is the effect on the accounting equationfor that company?A. Increase assets and increase liabilities.B. Decrease assets and decrease liabilities.C. Increase assets and increase equity.D. No net change. 5. Gordon Company was recently formed with a $5,000 investment in the company byshareholders. The company then borrowed $2,000 from a bank, purchased $1,000 ofsupplies on account, and also purchased $5,000 of equipment by paying $2,000 in cashand signing a note for the balance.Based on these transactions, the company's totalassets areA. S7.000.B. $9.000.C. $11.000.D. $12.000.
26 Assume that the total assets, liabilities, Equity of the firm are OMR 40000, OMR 10000 and OMR 30000 respectively.The company sold OMR 3000 furniture for its customer and received notes receivables for OMR 4500. What is the effect of the above transaction on different elements of financial position of the company? a. Assets of the company increase by OMR 4500 and capital of the company increase by OMR 4500 b. Assets of the company decrease by OMR 3000 and capital of the company decrease by OMR 3000 c. None of the given options d. Assets of the company increase by OMR 1500 and capital of the company increase by OMR 1500 Clear my choice ◀︎ Practice problems on chapter -5 and 6
Calculate the DuPont Model, given the following balances: Year 1 data Cash R16,080 Accounts receivable R9,500 Prepaid R3,150 Supplies R675 Equipment R25,200 Accumulated depreciation equipment R8,150 Year 2 data Cash R20,000 Accounts receivable R15,000 Prepaid R1,175 Supplies R2,675 Equipment R89,057 Accumulated depreciation equipment R36,800; Equity R82,600 Net sales R325,000 Net income of R56,824 Assume sales revenue and net sales are the same.
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