11 For 100.000 $ land is purchased with a $20, 000 down payment and the execution of an $80, 000 promissory note.How does this purchase affect the accounting equation?a) O assets increase $100, 000; liabilities decrease $100, 000b) O assets increase $80, 000; liabilities decrease $20, 000c)O assets increase $80, 000; owner's equity increases $80, 000d) O assets increase $80, 000; liabilities increase $80, 000O Boş bırakKÖnceki11/20Sonraki>КарatVSinavı BitirCeHerhangi bir sey ara

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Description: 11 For 100.000 $ land is purchased with a $20, 000 down payment and the execution of an $80, 000 promissory note.How does this purchase affect the accounting equation?a) O assets increase $100, 000; liabilities decrease $100, 000b) O assets increase

Accounting equations are the presentation of assets, liabilities and equities of the company.…

Business

Accounting

11 For 100.000 $ land is purchased with a $20, 000 down payment and the execution of an $80, 000 promissory note. How does this purchase affect the accounting equation? a) assets increase $100, 000: liabilities decrease $100, 000 b) assets increase $80, 000: liabilities decrease $20, 000 assets increase $80, 000; owner's equity increases $80, 000 assets increase $80, 000; liabilities increase $80, 000 Boş bırak KÖnceki 11/20 Sonraki> Карat VSinav Bitir

11 For 100.000 $ land is purchased with a $20, 000 down payment and the execution of an $80, 000 promissory note. How does this purchase affect the accounting equation? a) assets increase $100, 000: liabilities decrease $100, 000 b) assets increase $80, 000: liabilities decrease $20, 000 assets increase $80, 000; owner's equity increases $80, 000 assets increase $80, 000; liabilities increase $80, 000 Boş bırak KÖnceki 11/20 Sonraki> Карat VSinav Bitir

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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QUESTION 4 Jones Company purchases a piece of land for $300,000. Jones Company paid $3,000 in brokerage commissions, $10,000 to clear and remove an unwanted building, $5,000 for building permits to construct a new building, $500,000 to construct a new building, and $5,000 in delinquent property taxes What is the amount to be capitalized (debited) to the Land account from this purchase? ANSWER $300,000 SU8,000 S821000 $30,000 DON'T KNOW YET
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An asset which costs $25,000 and has accumulated depreciation of $6,000 is sold for $11,000. What amount of gain or loss will be recognized when the asset is sold? a. A gain of $14,000 b. A loss of $14,000 c. A gain of $8,000 d. A loss of $8,000
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Shannon Company acquired land for $56,000 cash. Additional costs are as follow: Title and attorney's fee $300 Insurance of one year $1,500 Broker commission $1,130 Accrued Property taxes $560 Shannon will record the acquisition cost of the land as a. $56,000 b. $57,500 c. $59,490 d. $57,990
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