Pete Jackson purchased office equipment costing $3,000 for his business and paid immediately. record this transaction in the accounting equation by: decrease cash, increase equipment.
When using the accounting equation, recording the acquisition of kit for cash would come with a rise to the account and a decrease to the (Cash/Equipment/Supplies) account. What's the right definition of an asset? Business activities change the amounts within the accounting equation.
The purchase of an equipment would only result in a rise in an asset (Equipment) and a decrease in another asset (Cash) within the same amount which might result in the identical total amount of assets, liabilities and equity, and can not affect the fundamental accounting equation.
The formula is straightforward: A company's total assets are adequate to its liabilities plus its shareholders' equity. The accounting equation is also expressed as assets - liabilities = owner's equity.
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Answer:
$21,578.77
Explanation:
For computing the amount after 6 years we have to determine the future value i.e to be shown in the attachment below:
Given that,
Present value = $0
Rate of interest = 4% ÷ 4 quarters = 1%
NPER = 6 years × 4 quarters = 24 quarters
PMT = $800
The formula is shown below:
= FV(Rate;NPER;PMT;PV;type)
After applying the above formula, the future value is $21,578.77
<span>From 1997 through 2006 the price of the average American home increased by nearly 125%. In the same time period this meant the home price ranged from 2.9-3.1 times the average household income. This led to fast and loose lending which include adjustable rate mortgages. This meant that once the economy crashed, up to 9 million homes were foreclosed on in one year, the average year normally sees roughly 1 million homes in foreclosure. In total, that represented $450 billion in losses from the banks.</span>
Ben's job is a Technology Solutions Project Manager. His job is to provide or give consultation on technology related conditions of businesses. He implements it through different projects at hand and ensures that it would help troubleshoot problems and make projects go on smoothly.
$45,000 would be your net worth
10% of 50,000 is 5,000 so subtract 5,000 from 50,000 and you get 45,000