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Genie purchases land for a new location and pays cash of $40,000. The effect of this transaction on the accounting equation is as follows: The purchase increases one asset and decreases another asset by the same amount. After the transaction is completed, Genie has cash of $10,000, land of $40,000, and no liabilities. Stockholders' equity is unchanged at $50,000. Note that total assets must always equal total liabilities plus equity.
How does this impact the accounting equation. Make sure to identify the account impacted.Why is it important to record your selected transaction?
abraham inc. a new jersey corporation operates 57 bakeries throughout the northeastern section of the united states. in
Johnny Bravo Company began operations in 2012 and has provided the following information.1. Pretax financial income for 2012 is $100,000. 2. The tax rate enacted for 2012 and future years is 40%.
The operating expenses including depreciation expense of $200,000. ABC company pays tax at a rate of 30%. All sales and purchases are in cash. Calculate the operating cash flow of ABC company
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From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
The company's owner budgets for supply costs, a variable cost, at $2.10 per square foot. The actual supply cost last month was $3,260. In the company's flexible budget performance report for last month, what would have been the spending variance f..
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Cinquante Company expects to sell 100,000 units of its product next year, which would generate total sales of $12 million. Management predicts that pretax net income for next year will be $3,000,000 and that the contribution margin per unit will b..
reed sharp and tucker were partners with capital account balances of 80000 100000 and 70000 respectively. they agreed
the controller of dash shoes inc. instructs you to prepare a monthly cash budget for the next three months. you are
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