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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.

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Depth interview is a research technique which is qualitative and involves conducting individual interviews which are very intense with the respondents in order to have their idea regarding certain topics or issues.

Candidates for depth interviews could include current customers, members of the target market and the executives and managers of the company. Therefore, all of these are candidates for depth interviews.

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3 years ago
At Fantastic Flavors, a large regional chain of candy stores, employees from marketing, design, production, and finance departme
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Answer:

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Explanation:

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George offers to sell his car to Suzy for $10,000 on the coming Sunday, to which Suzy agrees. They write down the details on a p
max2010maxim [7]

Answer:

Promissory estoppel

Explanation:

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360-degree feedback Select one: a. is designed to provide feedback for promotion or pay decisions. b. is designed to deal with a
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Alisiya [41]

Answer:

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