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
Alja [10]
3 years ago
13

Tom’s T.V.’s sold one of their premium products, a new 60" flat screen 3D T.V. to a customer who paid $2,000 in cash. How would

the receipt of payment from this sale impact the accounting equation?
Business
1 answer:
nikdorinn [45]3 years ago
5 0

Answer:

Impact of $2,000 sale on accounting equation is as follow:

Accounting Equation

 Asset             =        Equity           +      Liabilities

Cash+2000        Sales+2,000            No Effect

As cash an asset for the business, so the receipt will increase the balance of assets of the company. The revenue is ultimately adjusted to equity in the form of net income after deducting all the expenses. This transaction will result in increase of equity balance by the sale amount.

Explanation:

The Following journal Entry will support my answer:

Sales amount = 2,000

As this transaction is made on cash basis the following Journal entry will be recorded for this event.

                   Dr.          Cr.

Cash       $2,000

Sales                    $2,000

You might be interested in
1) Markets and competition In a perfectly competitive market, all producers sell___________ goods or services. (perfectly identi
marishachu [46]

Answer:

The answers are,

1) Perfectly Identical

2) many

3)takers

4)false

Explanation:

Lettuce is a commodity that can't be differentiated much based on the product. It can be however, differentiated from branding, packaging, etc.

But since the Lettuce is a broad category, we can assume that it is a competitive market.

Perfectly competitive markets do not really exist in the real world and are more of a hypothetical scenario. However, knowing the concept allows businesses and governments to make sound economic decisions regarding production and consumption.

3 0
3 years ago
You short-sell 200 shares of Tuckerton Trading Co., now selling for $50 per share. What is your maximum possible loss?
Fed [463]

Answer:

The answer is D.

Explanation:

Short selling is a trading strategy that speculates on the fall or decline of a particular security price.

Here, investor borrows a stock from a dealet, sells the stock, and then purchases the stock back to return it to the dealer. Short sellers are hoping that the stock they sell will fall or decline.

The maximum possible loss is unlimited because the price increase (which will be at a disadvantage to the investor might not be known).

3 0
3 years ago
Ian Sanders offered to sell his car to Beth Jones for $5,000. Subsequently, Beth demanded that he provide new seat covers for th
Sergeeva-Olga [200]

This question is incomplete because the options are missing; here is the complete questions:

Ian Sanders offered to sell his car to Beth Jones for $5,000. Subsequently, Beth demanded that he provide new seat covers for the car as she was paying a rather heavy price for the car. Beth's response represents a(n) ________.

A. Inquiry regarding terms

B. Rejection of the offer

C. Conditional acceptance of the offer

D. Additional term

The correct answer to this question is D. Additional term

Explanation:

In a contract, the terms refer to the specific conditions or obligations the parties involved accept. These terms are usually registered in a document as not following the terms has legal consequences. In the case presented, the answer of Beth represents an additional term because the purpose of her answer is to include a new condition or obligation that the seller of the car should accomplish as part of the agreement between seller and buyer.

3 0
3 years ago
Cody Manufacturing started doing business on January 1st of the current year. Cody estimates that its sales will be 9,000 units
uranmaximum [27]

Answer:

cool

Explanation:

i like it

4 0
3 years ago
In a CPMT, the ____ leads the project to make sure a sound project planning process is used, a complete and useful project plan
KatRina [158]

Answer:

managers or skateholders

Explanation:

bc that is the answer

5 0
2 years ago
Other questions:
  • Banks and other lending institutions​ ________.
    8·1 answer
  • Ben and Chris combined their love of football with a business venture. They purchased a small portable cart and began selling fo
    12·1 answer
  • Kana is a single wage earner with no dependents and taxable income of $205,000 in 2018. Her 2017 taxable income was $155,000 and
    7·1 answer
  • Potatoes cost Janice $1.25 per pound, and she has $5.00 that she could possibly spend on potatoes or other items. Suppose she fe
    12·1 answer
  • 4. Another term for a pre-inspection agreement is A. pre-sale inspection. B. partial inspection. C. scope of work. D. standard o
    11·1 answer
  • You got a new credit card and spent $200 on the card last month. You forgot to make the payment on time and were assessed a $40
    9·2 answers
  • "The price of coffee increases by 10%, and as a result, Alex purchases fewer donuts. This suggests that to Alex, coffee and donu
    11·1 answer
  • Sidney took a $150 cash advance by using checks linked to her credit card account. The bank charges a 2 percent cash advance fee
    8·1 answer
  • Audrey is debating the superiority of a market economy with her friend Bill. Audrey supports her argument in favor of a market e
    10·1 answer
  • A subsidiary ledger:
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!