Solution-Effect of transactions on accounting equation

Effect of transactions on accounting equation

Assignment Help Cost Accounting

Reference no: EM13548086

Effect of transactions on accounting equation

a. A vacant lot acquired for $180,000 is sold for $440,000 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?

b. Assume that the seller owes $69,000 on a loan for the land. After receiving the $440,000 cash in (a), the seller pays the $69,000 owed. What is the effect of the payment on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity?

c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Stockholders' Equity) of the accounting equation? Explain

Reference no: EM13548086

Questions Cloud

Prepare a cost of production report for sifting department : Prepare a cost of production report for the Sifting Department for May. If an amount is zero, enter 0. If required, round your cost per equivalent unit answers to nearest cent.

The temperature of steam at the inlets of both turbines is : An ideal reheat rankine cycle operates between the pressure limits of 20 kPa and 10 MPa, with reheat occuring at 3 MPa. The temperature of steam at the inlets of both turbines is 500 C

Prepare abbreviated income statements : Prepare abbreviated income statements for the years 2011 and 2012 on the cash basis -Prepare abbreviated income statements for the years 2011 and 2012 on the accrual basis.

What is the elevation for station : Station 0+00 is at BM which has an elevation of 508.97. During the survey, the backsight (BS) to this monument is recorded as 10.92. The level is then turned to sta 1+48, and the foresight (FS) is recorded as 13.14. Next the level is moved to a new p..

Effect of transactions on accounting equation : What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity - Effect of transactions on accounting equation

Prepare an income statement for the current year : Prepare an income statement for the current year ended December 31, 2014 and prepare a retained earnings statement for the current year ended December 31, 2014.

Design a concrete footing to support a 16in by 16 in column : Design a concrete footing to support a 16in by 16 in column that is 13 feet high with f'c= 6000 psi. The footing has a f'c=3000psi. Assume the the footing base is 5 ft below the grade and the soil is 100 lb/ft with an allowable pressure of 4500lb/ft ..

High level of activity consists of maintenance cost : High level of activity consists of maintenance cost - company to incur at an operating level of 70,000 directlabor-hours?

Estimated the required volume of the aeration tank : The town of Camp Verde has been directed to upgrade its primary WWTP to a second plant that can meet an effluent standard of 25 mg/L BOD5 and 30 mg/L suspended solids.

User Account

All Pages

Effect of transactions on accounting equation

Reference no: EM13548086

Reference no: EM13548086

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT