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Ronch [10]
3 years ago
12

What is the effect on total assets and​ stockholders' equity of paying the telephone bill as soon as it is received each​ month?

Total assets ​Stockholders' equity A. No effect Decrease B. No effect No effect C. Decrease No effect D. Decrease Decrease
Business
1 answer:
Archy [21]3 years ago
6 0

Answer:

Option C) Decrease in Total Assets , and No Effect on Equity

Explanation:

Telephone bill it's a Current Liability , if you decide to pay it as soon as you receive it you have to use Cash which is part of your Current Asset, so the impact it's a decreased in your Current Assets through the Cash component.

This movement has no impact in the Sotckholder Equity.

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1 year ago
What is secondary product?
vampirchik [111]
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Which would be a likely cause of an increase in the demand for pizza? a reduced desire for take-out and fast-food dining a decre
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Tim writes a note to his boss to apologize for an embarrassing typo in a recent publication. at the end of the message, he promi
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6 0
3 years ago
Lewis and Associates has been in the termite inspection and treatment business for five years. The following is a list of accoun
astraxan [27]

Answer:

Lewis and Associates

1. Identification and Analysis of the items of additional information:

a. Rent Expense $400 Prepaid Rent $400

b. Depreciation Expense $150 Accumulated Depreciation $150

c.Cost of Chemical Used $8,100  Chemical Inventory $8,100

d. Wages and Salary Expense $1,080 Wages and Salary Payable $1,080.

e. Income Tax Expense $1,905 Income Tax Payable $1,905

2. On the basis of the information, Lewis and Associates appears to be a profitable business, making a margin of 11% in after-tax income.

Explanation:

a) Additional Data and Analysis:

a. Rent Expense $400 Prepaid Rent $400

b. Depreciation Expense $150 Accumulated Depreciation $150

c.Cost of Chemical Used $8,100  Chemical Inventory $8,100

d. Wages and Salary Expense $1,080 Wages and Salary Payable $1,080.

e. Income Tax Expense $1,905 Income Tax Payable $1,905

30% of the income for the month.

Income Statement for the Month Ended June 30

Treatment Revenue               $40,600

Cost of Treatment Chemical      8,100

Gross profit                            $32,500

Expenses:

Wages and Salary      $23,500

Utilities                             1,240

Advertising                        860

Depreciation                      150

Rent                                  400

Total expenses                        $26,150

Income before taxes                $6,350

Income taxes                               1,905

Net income                               $4,445

7 0
3 years ago
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