Clemente Co. owned all of the voting common stock of Snider Co. On January 2, 2012, Clemente sold equipment to Snider for $125,0
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The net total change in total assets comes out to 1,27,0000 when the change in assets and liabilities is computed.
<h3>What do you mean when you say "assets" and "liabilities"?</h3>A company's assets are everything it possesses. They may be located on the balance sheet's left side. Liabilities are all debts that a company owes, both now and in the future. They may be found on the balance sheet's right side.
Current and fixed assets are the two categories of assets.
- Current assets are those that can be turned into cash immediately. For example, Cash accounts receivable, and inventory is among them.
Current and long-term obligations are the two categories of liabilities.
- Credit lines, loans, wages, and accounts payable are examples of current obligations that must be paid back within a year.
Thus,
According to the aforementioned circumstances, There will be a total shift of 1,27,0000 in assets.
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