A. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?
b. Assume that the seller owes $80,000 on a loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What is the effect of the payment on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?
c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Owner’s Equity) of the accounting equation? Explain.
Answers: 3
Business, 22.06.2019 00:00
Ok, so, theoretical question: if i bought the mona lisa legally, would anyone be able to stop me from eating it? why or why not?
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You decided to charge $100 for your new computer game, but people are not buying it. what could you do to encourage people to buy your game?
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Answer the following questions using the banker’s algorithm: a. illustrate that the system is in a safe state by demonstrating an order in which the processes may complete. b. if a request from process p1 arrives for (1, 1, 0, 0), can the request be granted immediately? c. if a request from process p
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A. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale o...
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