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
Which of the following is true about development? Group of answer choices It involves the movement, over generations, of the bul
leonid [27]

Answer: It involves the movement, over generations, of the bulk of jobs from agriculture to manufacturing and service industries

Explanation:

Development involves the movement, over generations, of the bulk of jobs from agriculture to manufacturing and service industries. Technology is also influenced by technological change.

The least developed countries have most of their populations employed in the primary sector like agriculture and haven't completed the transition from manufacturing to services and have not yet entered the information age.

5 0
3 years ago
The facts that money must withstand the wear and tear that comes from being used over and over again is a measure of its?
Lemur [1.5K]
I think the correct answer from the choices listed above is option C. <span>The facts that money must withstand the wear and tear that comes from being used over and over again is a measure of its durability. Hope this answers the question. Have a nice day.</span>
3 0
3 years ago
Read 2 more answers
What are true statements about the history of the fractional banking system?
Citrus2011 [14]

Answer:

hope it's help you ok have a good day

7 0
2 years ago
The commercial banking system, because of a recent change in the required reserve ratio from 8 percent to 10 percent, finds that
Rainbow [258]
<span>If it is unable to obtain any additional reserves, it must reduce deposits and money supply by $500 Million.  
$50 Million x 10 = $500 Million.
(10% of $500 Million = $50 Million)</span>
3 0
3 years ago
How do Keynesians and classicals differ in their beliefs about how long it takes the economy to reach​ long-run equilibrium? Wha
andre [41]

Answer: Rapidly; Not Necessary

Explanation:

Keynesian Economists are of the believe that the Economy takes a fairly long time to reach a long run Equilibrium while Classical economists believe that it takes a shorter period of time. This has led to both classes of Economists having varying opinions when it comes to the need for Anti-recessionary Policies.

Anti-recessionary policies are implemented by the Government to try to get the economy back to the long run equilibrium as soon as possible and Keynesian Economists support this because the believe that if help is not given, the economy will take too long to adjust on its own. Classical Economists are against this and see no need for such policies because they maintain that the economy adjusts and reaches the Long run equilibrium rapidly meaning that such policies are not necessary and would just be a waste of resources as well as a way for the government to exert more influence on the economy which is another thing they are against as well.

4 0
3 years ago
Other questions:
  • A company's flexible budget for 12,000 units of production showed sales, $48,000; variable costs, $18,000; and fixed costs, $16,
    13·1 answer
  • Which of the following statements best describes the function of the break-even point?a) It signifies the point at which the dem
    11·1 answer
  • When determining whether to record an asset as a fixed asset, what two criteria must be met?
    7·1 answer
  • Consider three bonds with 6.8% coupon rates, all making annual coupon payments and all selling at a face value of $1,000. The sh
    10·1 answer
  • The first economist was:​
    5·1 answer
  • When budgeting for your immediate needs you should divide them into what two categories of expenses
    8·1 answer
  • Social surplus is maximized when all buyers with the reservations values ___________ than the market price are actually making p
    14·1 answer
  • A 9-year annuity of 18 $10,400 semiannual payments will begin 11 years from now, with the first payment coming 11.5 years from n
    6·1 answer
  • Industrialized former colonial states that dominate the world economic system are?
    9·1 answer
  • What is most likely the low-earnings period for which the sale of financial assets be most useful?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!