Financial Account. NO AI Anisha Company had a transaction that caused a $30,000 increase inboth assets and liabilities. This transaction could have been a(n):a. Purchase of office equipment for $44,000, paying $14,000 cash andissuing a note payable for the balance.b. Investment of $30,000 cash in the business by the stockholders.c. Repayment of a $30,000 bank loan.d. Purchase of office equipment for $30,000 cash.

Option a: This option is correct because:$14,000 paid in cash does not impact assets because one…

Answered: Anisha Company had a transaction that…

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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A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from financing activities is:
Saddleback Company paid off $36,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Cholce Assets, $36,000 Increase; equlty. $36,000 Increase. Assets, $36,000 decrease: liabilitles, $36,000 decrease. Assets, $36,000 decrease; liabilities, $36,000 Increase. Llabilitles, $36,000 decrease; egulty, $36,000 Increase. Assets, $36,000 decrease; gulty $36,000 decrease.
Subject: General Accounting
When a company buys equipment for $161,000 and pays for one half in cash and the other one half is financed by a note payable, which of the following are the effects on the accounting equation? a. Total assets increase $161,000 b. Total liabilities increase $161,000 c. Total liabilities decrease $80,500 d. Total assets increase $80,500
Which of the following statements is true of this transaction?
Can you please give me true answer the accounting question?
Starry Company purchased equipment by borrowing money from a bank for $50,000. Which of the following would reflect this transaction? a. It would decrease liabilities by $50,000 b. It would decrease retained earnings by $50,000 c. It would increase assets by $50,000 d. It would decrease cash by $50,000
Answer this question correctly and accurately.
Yokum Company had the following transactions for 20X1. o Payments of dividends - $11,250 o Depreciation expense - $22,500 o Income taxes paid - $27,000 o Proceeds received from sale of equipment - $225,000 o Utilities paid - $6,750 o Interest paid on note to local bank - $5,625 o Proceeds from issuance of common stock - $56,250 o Collections on accounts receivable - $337,500 o Payments on inventory - $168,750 o Payments for wages and salaries - $78,750 Using the transactions above, compute the net cash flow from operating activities. negative $523,125 Opositive $225,000 positive $523,125 negative $225,000 O negative $50,625 positive $50,625
The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $50,000; Building, $150,000; Note payable bank, $10,000; Savings, $10,000; Long-term debt, $50,000; Accounts payable, $30,000; Taxes payable, $5,000; Accounts receivable, $30,000; Inventory, $10,000; Depreciation Building, $35,000; Depreciation Machinery, $25,000; Land $50,000. Fixed assets for this Corporation are $45,000. $55,000. $95,000. $155,000. $190,000.
Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $38,576 Accounts receivable 62,104 Accrued liabilities 6,548 Cash 15,575 Intangible assets 39,083 Inventory 71,044 Long-term investments 90,442 Long-term liabilities 74,452 Marketable securities 38,270 Notes payable (short-term) 24,003 Property, plant, and equipment 652,967 Prepaid expenses 2,137 Based on the data for Harding Company, what is the amount of quick assets?

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