Land originally purchased for $28,219 is sold for $74,957 in cash. What is the effect of the sale on the accounting equation? a. assets increase by $74,957; liabilities decrease by $28,219; owner's equity increases $46,738 b. assets increase by $74,957; owner's equity increases by $74,957 c. assets increase by $18,543; no change in liabilities; owner's equity increases by $74,957 d. assets increase by $46,738; owner's equity increases by $46,738

Land originally purchased for $28,219 is sold for $74,957 in cash. What is the effect of the sale on the accounting equation? a. assets increase by $74,957; liabilities decrease by $28,219; owner's equity increases $46,738 b. assets increase by $74,957; owner's equity increases by $74,957 c. assets increase by $18,543; no change in liabilities; owner's equity increases by $74,957 d. assets increase by $46,738; owner's equity increases by $46,738

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Description: Land originally purchased for $28,219 is sold for $74,957 in cash. What is the effect of the sale on the accounting equation?a. assets increase by $74,957; liabilities decrease by $28,219; owner's equity increases $46,738b. assets increase by $74,95

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 6DQ

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