Discuss the three elements of the accounting equation

Assignment Help Accounting Basics

Reference no: EM131526409

Question: 1. A vacant lot acquired for $50,000, on which there is a balance owed of $30,000, is sold for $130,000 in cash. The seller pays the $30,000 owed. What is the effect of these transactions on the total amount of the seller's

(1) assets,

(2) liabilities, and

(3) stockholders' equity?

2. Describe how the following business transactions affect the three elements of the accounting equation.

a. Received cash for services performed.

b. Borrowed cash at local bank.

c. Paid for utilities used in the business.

d. Issued capital stock for cash.

e. Purchased land for cash.

Reference no: EM131526409

Questions Cloud

Evaluate paid cash for rent expense : Indicate whether each of the following types of transactions will increase stockholders' equity or decrease stockholders' equity.

Was gestalt psychology in accord with behaviorism explain : Was Gestalt psychology in accord with behaviorism? What might a discussion between a Gestaltist and a behaviorist sound like about a topic

How much she should have saved each year before taxes : For each of the three scenarios (that is, retirement at age 60, 65 and 70), how much does she need to save each year assuming she puts $5,500.

Describe the uniqueness of supply chain operations : Describe the uniqueness of Supply chain operations at Alta Garcia and DePaul.

Discuss the three elements of the accounting equation : A vacant lot acquired for $50,000, on which there is a balance owed of $30,000, is sold for $130,000 in cash. The seller pays the $30,000 owed.

Identify contact person for the quality improvement program : Identify a contact person for the quality improvement program at a long-term care facility in your geographic area.

Assuming interest rates do not change over : Using a 25-year amortization, monthly payments, and assuming interest rates do not change over the 25 years, what are their total interest costs.

Discuss dr ravizza brief intervention with a softball player : Review the media piece, Softball Player Intervention With Dr. Kenneth Ravizza, and discuss Dr. Ravizza's brief intervention with a softball player

Is it ethical for leaders to try to increase their power : Do you agree that power corrupts? Can you provide an example? Considering this idea, is it ethical for leaders to try to increase their power?

User Account

All Pages