1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
JulsSmile [24]
3 years ago
6

Lily Company was started last year when Lily borrowed $70 cash from the local bank. Lily used that $70 cash to purchase inventor

y for $70. This year Lily Company sold that inventory for $100 cash. Which ONE of the following statements is TRUE with respect to Lily Company's balance sheet AFTER the sale of the inventory?a. Cash is $30.b. Accounts Payable is $30.c. Owners' Equity is $100.d. Owners' Equity is $30.e. Inventory is $30.
Business
1 answer:
aev [14]3 years ago
6 0

Answer:

d. Owners' Equity is $30

Explanation:

The owners equity is the amount of money that is own by the owner of the business or the business itself minus all of the debts that the business has, in this example, Lily just sold $100 in products, generating a profit of $30, because she bought that for $70, but she owns $70 of those $100 to the local bank, so eventhough she has $100, only $30 are actually owned by the business so Owner´s Equity equals $30.

You might be interested in
On January 1, 2017, Vaughn Company purchased 12% bonds, having a maturity value of $312,000, for $335,654.22. The bonds provide
Illusion [34]

Answer: 9.9

Explanation:

7 0
3 years ago
How does tactical adoption of cloud services differ from a coordinated cloud strategy?
guajiro [1.7K]

Tactical adoption is a quick-sighted technique, deploying cloud offerings incrementally, resulting in apps and offerings which might be patched collectively to create give-up-to-cease enterprise processes.

Cloud adoption is a method utilized by organizations to enhance the scalability of net-based database capabilities at the same time as lowering fee and dangers. To achieve this, organizations interact within the exercise of cloud computing or the use of faraway servers hosted at the net to save, control, and procedure essential records.

The primary benefit of cloud adoption is that it gives scalable organization IT with velocity. Speed may be understood as performance and is a pre-requisite for gaining competitive gain. The cloud offers the required speed for a corporation to release new products quickly and advantage competitiveness in markets without problems.

Learn more about organization here: brainly.com/question/24448358

#SPJ4

6 0
2 years ago
On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life
Lelu [443]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

On October 1, 2014, Mann Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life and $20,000 salvage value at the end of its useful life.

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= 60,000/5=12,000

3 months depreciation= 12,000/12*3= 3,000

3 0
3 years ago
___ refers to factors that prevent new firms from successfully competing in the industry
antiseptic1488 [7]

Answer:

barriers to entry

Explanation:

3 0
2 years ago
In year 2, Rocco changes its inventory method from the weighted-average to the FIFO method. If FIFO would have been used in year
nadezda [96]

Answer: I Don't Know sorry

Explanation:

4 0
2 years ago
Other questions:
  • Bagrov Corporation had a net decrease in cash of $14,500 for the current year. Net cash used in investing activities was $56,500
    12·1 answer
  • Liabilty to pay only under certain conditions is
    8·1 answer
  • hile giving her students a physics exam, Professor Thompson noticed that Jack, one of her students who has been struggling with
    9·1 answer
  • Whice of the following best describes the objective section of a lesson plan
    13·1 answer
  • How do the activities of marketing for value fulfill the marketing concept for the market-oriented organization
    9·1 answer
  • At the beginning of 2018, Artichoke Academy reported a balance in common stock of $168,000 and a balance in retained earnings of
    12·1 answer
  • Investigative people will make good scientists. True or False. (Career Explorations Final Exam)
    7·2 answers
  • Jane Spring maintained this record of vehicle expenses for last year: gas, $845.96; oil, lube, miscellaneous, $68.85; insurance,
    7·2 answers
  • What is price and explain factors that influencing price. Give at least 5 factors and explain them.
    15·1 answer
  • a may be dfined as decriptio nof a proposed copmany that explains how it epxects to achieve its marketing
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!