b. Assume that the seller owes $113,000 on a loan for the land. After receiving the $778,000 cash in (a), the seller pays the $113,000 owed. - 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 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 Amount 1. Total Assets 2. Total Liabilities 3. Stockholders' Equity nting equation?

b. Assume that the seller owes $113,000 on a loan for the land. After receiving the $778,000 cash in (a), the seller pays the $113,000 owed. - 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 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 Amount 1. Total Assets 2. Total Liabilities 3. Stockholders' Equity nting equation?

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 6CDQ: Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an...

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