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VLD [36.1K]
2 years ago
7

Company x receives $10,000 from issuing common stock to its owners. the effect on the accounting equation is a(n) _____. (check

all that apply.)
Business
1 answer:
Varvara68 [4.7K]2 years ago
3 0

The effect on the accounting equation is a(n): increase in assets and equity by $10,000 each

What is accounting equation?

The accounting equation shows that all assets of a company are financed by combination of equity of the owners(an increase in equity of $10,000 in this case) and the liabilities, which are funds provided by external financiers.

In this case, the receipt of $10,000 from common stock issuance means that the cash balance, which is an asset has increased by $10,000, also, the equity of the owners has also increased by the same amount.

Find out more about accounting equation on:brainly.com/question/17090843

#SPJ1

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In Jackson Jones Company, land decreased $270,000 because of a cash sale for $270,000, the equipment account increased $90,000 a
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Direct materials used              $15

Direct labor                                 $20

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Total manufacturing costs          $65

Add: Beginning WIP                    <u>$25</u>

Total cost of work in process     $90

Less: Ending WIP                         <u>$10</u>

Cost of goods manufactured    <u>$80</u>

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Cost of goods manufactured                       $80

Add: Beginning finished goods inventory   <u>$5</u>

Cost of goods available for sale                 $85

Less: Ending finished goods inventory        <u>$15</u>

Cost of goods sold                                        <u>$70</u>

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