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
bogdanovich [222]
3 years ago
11

When cash is received from a sale, the total amount of both assets and owner's equity is increased.

Business
1 answer:
marshall27 [118]3 years ago
5 0

Answer:

a. True

Explanation:

In case when the cash is received from the sale, so here the total assets is increased i.e. rise in current assets that is cash account and the stockholder equity is also increased as the revenue is also increased which ultimately increased the equity

The journal entry is

Cash Dr XXXXX

         To Sales revenue XXXXX

(Being cash is received is recorded)

hence, the given statement is true

You might be interested in
A listing given to any number of brokers without liability to compensate any broker, except the one who first secures a buyer re
german

Answer:OPEN LISTING

Explanation:

Open listing is a term used in the Marketing of securities like bonds,stocks and other marketable securities and real estates, in this type of listing it is made open to all the brokers available who are ready to help facilitate the sale.

Compensation can only be paid to the Broker who first brings the buyer of the listing. A broker is compensated based on the amount made buy the owner of the listing.

6 0
3 years ago
On June 1, Skysong, Inc. issues 2,700 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of
faust18 [17]

Answer:

June 1

DR Cash <u>$16,200</u>

CR Common Stock <u>$16,200</u>

<em>(To record issuance of Common Stock)</em>

<u>Workings</u>

Cash

= 2,700 shares * $6 price

= $16,200

8 0
3 years ago
Lifeworks is a nongovernment not-for-profit organization that recently received a large gift from a donor in the amount of $3,00
blagie [28]

Answer:

Explanation:

The net assets would increase. This is because the $100,000 earnings from investments are additional cash inflows hence an increase in current assets. For the $3,000,000 if invested, it will be considered an asset. It is a cash donation invested to generate earnings for the non-profit organization. Thus, these two instances add onto the net asset value of Lifeworks.

7 0
3 years ago
Crystal lives in the fictional country of Cuse, which raises government revenue by taxing everyone the same amount. The governme
Inessa05 [86]

Answer: $0; $0

Explanation:

New classical economists believe that any fiscal policy that the government embarks on is ineffective on the goods demanded by people.

If the government reduces taxes, Crystal (according to the New classical) will believe that the government will raise taxes in future to make up for the shortfall so she will send the $2,500 to savings so she can be able to pay off the future taxes.

If the government increases spending, Crystal will believe that this will be financed by future tax increases so she will still save the money to pay off future taxes.

5 0
3 years ago
Who is responsible for leading the Federal Government's response efforts to ensure that the necessary coordinating structures, l
ElenaW [278]
I’m pretty sure, but forgive me if I’m wrong; it might be “C”. FEMA
6 0
3 years ago
Read 2 more answers
Other questions:
  • The _____ is the combination of advertising, personal selling, sales promotion, social media, and public relations and is used t
    15·2 answers
  • An original equipment manufacturer refers to a firm that _____. a. both designs and manufactures products b. designs, manufactur
    13·1 answer
  • The Fed changes reserve requirements from 10 percent to 14 percent, thereby eliminating $750 million in excess reserves. The tot
    14·1 answer
  • The following data exists for Carley Company. 20182017 Accounts Receivable$50,000$70,000 Net Sales500,000410,000 Calculate the a
    13·1 answer
  • Countertops Unlimited, a manufacturer of kitchen and bath countertops, had the following information for production last period:
    8·1 answer
  • Which of the following is not included in a typical financial plan?
    13·1 answer
  • D) Following is forecast for economic situation and Rachel’s portfolio returns next year, calculate the
    12·1 answer
  • You are calculating the volume quantity needed for material that will compact to 95% of its original undisturbed volume. You kno
    7·1 answer
  • What information do consumer reporting agencies provide banks and lending businesses for a person's credit history when a person
    6·1 answer
  • The DBPR response to an offense that is NOT a substantial threat to the public, usually resulting in a fine of $100 to $500, is
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!