Land originally purchased for $27,007 is sold for $75,623 in cash. What is the effect of the sale on the accounting equation? Oa. assets increase by $75,623; owner's equity increases by $75,623 Ob. assets increase by $75,623; liabilities decrease by $27,007; owner's equity increases $48,616 Oc. assets increase by $48,616; owner's equity increases by $48,616 Od. assets increase by $18,176; no change in liabilities; owner's equity increases by $75,623

Land originally purchased for $27,007 is sold for $75,623 in cash. What is the effect of the sale on the accounting equation? Oa. assets increase by $75,623; owner's equity increases by $75,623 Ob. assets increase by $75,623; liabilities decrease by $27,007; owner's equity increases $48,616 Oc. assets increase by $48,616; owner's equity increases by $48,616 Od. assets increase by $18,176; no change in liabilities; owner's equity increases by $75,623

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Description: Land originally purchased for $27,007 is sold for $75,623 in cash. What is the effect of the sale on the accounting equation?Oa. assets increase by $75,623; owner's equity increases by $75,623Ob. assets increase by $75,623; liabilities decrease by $

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Accounting Equation Determine the missing amount for each of the following: Assets Liabilities Owner's Equity a. $187,970 $587,400 b. $93,980 $29,370 +. C. $45,230 $6,460 ||
Solve it with calculation and explanation of the question
Land costing $40,631 was sold for $79,720 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
Match the cash flow effect with the correct transaction or event. Assume the indirect method is used. Column A 1. Purchased land for cash: Purchased land for cash 2. Issued a twenty year mortgage note for cash: Issued a twenty year mortgage note for cash 3. Increase in the inventory balance: Increase in the inventory balance 4. Resold treasury stock for cash: Resold treasury stock for cash 5. Declared cash dividends: Declared cash dividends 6. Recorded depreciation expenses for the year: Recorded depreciation expenses for the year 7. Issued long-term bonds: Issued long-term bonds 8. Repaid principal on a note payable: Repaid principal on a note payable 9. Paid cash dividends: Paid cash dividends 10. Issued common stock for land: Issued common stock for land Column B a. Not reported on the Statement of Cash Flows b. Inflow from Operating Activities c.…
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Sales = $1,000; Cost of Goods Sold = $500; Depreciation Expense = $100; Administrative Expenses = $100; Interest Expense = $20; Marketing Expenses = $80; and Taxes = $100. The Co's net income is equal to A) $100. B) $150. C) $220. D) $200.
The following information is available for Bridgeport Corp. for the year ended December 31, 2022. Beginning cash balance $ 39,600 Accounts payable increase 9,405 Depreciation expense 67,650 Accounts receivable decrease 7,920 Inventory decrease 5,115 Net income 94,380 Cash received for sale of land at book value 171,600 Cash dividends paid 62,700 Income taxes payable decrease 6,435 Cash used to purchase land 133,650 Cash used to redeem bonds 108,900 Cash received from issuing stock 264,000 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Bridgeport Corp.Statement of Cash Flows—Indirect Methodchoose the accounting period select an opening name for section one select an item…
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A building with a book value of $36,213 is sold for $60,055 cash. Using the indirect method, this transaction should be shown on the statement of cash flows as an increase of a.$36,213 from investing activities b.$60,055 from investing activities and a deduction from net income of $23,842 c.$36,213 from investing activities and an addition to net income of $23,842 d.$60,055 from investing activities
If total liabilities increased by $10300 during a period of time and owner's equity decreased by $25100 during the same period, then the amount and direction (increase or decrease) of the period's change in total assets is a(n) O $14800 increase. O $35400 increase. O $35400 decrease. O $14800 decrease.

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