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Question: An accounting equation is referred to an equation in which total assets is always equal to capital plus liabilities.
Sometimes, business transactions which affect either both sides of the equation or one side of the equation, but the ultimate effect must be equal on the both sides.
On this topic, you are required to record the following transactions, identify the accounts involved and analyse the effects of business transactions using the accounting equation.
i. Business commenced with cash
ii. An asset purchased for cash
iii. Goods purchased on credit
iv. Expenses paid by cash
v. Goods sold on credit
Sales on account are budgeted to be $20,900 for March and $40,200 for April. What are the budgeted cash receipts from sales on account for April
X Ltd, a listed company, acquired land from Y Ltd by issuing 100000 new shares in the company to Y Ltd. X's shares were trading at $4.6 per share at the date.
Phil Goode will receive $175,000 in 50 years. His friends are very jealous of him. If the funds are discounted back at a rate of 14 percent, what is the present value of his future "pot of gold"?
The revaluation resulted in medical equipment being increased by $40,000. Provide the journal entry for the asset revaluation
Is the president's proposal within the scope of generally accepted accounting principles? In making your decision, discuss the circumstances
What is the current value of a share of Satellite's common stock to an investor who requires a 13 percent rate of return? If the market price of the share
What actions should the auditor take upon detecting an intentional misstatement in the financial statements? To whom must the misstatement be reported?
The insurance company paid $2,000 of the expenses. How much of the above amounts, if any, must be included in Ellen's gross income
Determine the amount of net income for August, assuming that no additional capital stock was issued, but dividends of $35,000 were paid during the month
Is it probable that the use of information technology will eventually eliminate the audit trail, making it impossible to trace individual transactions from their origin to the summary total on the financial statements?
Pandora Pants Company acquires a delivery truck on April 6, 2017, at a cost of $38,000. Calculate partial-year straight-line depreciation
Prepare the journal entry to record the uncollectible accounts expense under each of the following independent assumptions
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