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
NeTakaya
3 years ago
14

Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $30,000 required to complete the transaction. Ident

ify the correct statement(s) based on the transaction.
a. The Company's liabilities will increase by $25,000.
b. The Company's liabilities will decrease by $30,000.
c. Foster Inc.'s assets will decrease by a net amount of $30,000.
d. The Company's liabilities will increase by $30,000.
e. Foster Inc.'s assets will increase by a net amount of $30,000.
f. Foster Inc.'s assets will decrease by a net amount of $25,000.
Business
1 answer:
neonofarm [45]3 years ago
6 0

Answer: c. Foster Inc.'s assets will decrease by a net amount of $30,000.

d. The Company's liabilities will increase by $30,000.

Explanation:

From the question, Foster, Inc., bought a truck by paying $5,000 and then borrowed the remaining $30,000 that was required to complete the transaction.

Since the company borrowed $30,000, this will lead to an increase in the liability of the company by $30,000. Also, it will lead to a reduction in the net assets of the company by a net amount of $30,000

You might be interested in
Property taxes and fines represent which of the following classes of nonexchange transactions for government units? Group of ans
zepelin [54]

Answer:

B. Imposed Non Exchange Transactions

Explanation:

A non exchange transaction is a form of transaction whereby a party or a group or an individual receives something of value without directly giving value back in exchange. In non exchange transactions, a party gives value to another without directly receiving approximate value in exchanges. Grants, taxes, special assessments, fines and so on are all parts of non exchange transactions. However, taxes and fines are imposed non exchange transactions because they are assessed and not derived from transactions.

6 0
3 years ago
Accounting software can help with which TWO of these tasks?
alexira [117]

Accounting software can help with which two of these tasks? B. keeping rack of bills to be sent to customers and D. keeping tract of after-sales services owned to customers. Accounting software is used by many companies so that they can keep track of their bills that need to be paid and how their sales and services are doing. Companies track all money coming in and going out of their office to make sure they are budgeting and distributing funds appropriately.

3 0
3 years ago
Read 2 more answers
The person who assists a corporation with real estate investments, usually as an employee and not an independent contractor, is
kakasveta [241]

Answer:

Explanation:  i am not fully sure ,but do your best

8 0
2 years ago
A major difference between the IFRS and US GAAP is: US GAAP is principle-based and IFRS is rule-based US GAAP allows capitalizat
dimaraw [331]

Answer:

US GAAP allows LIFO

Explanation:

The last in, first out (LIFO) inventory valuation system uses the price of the last units purchased in order to determine the cost of goods sold. The International Financial Reporting Standards (IFRS) require that companies use the first in, first out (FIFO) inventory valuation system or the weighted average system. While US GAAP accepts LIFO, FIFO or weighted average.

3 0
3 years ago
What are the major types of intermediaries
Goryan [66]

Answer:

-agents and brokers

-merchant wholesalers and resellers

-distributors and functional wholesalers

-traditional and online retailers

4 0
3 years ago
Read 2 more answers
Other questions:
  • A company with a WACC of 8.5% is considering two possible investments. Project A will return 10% and be financed using equity co
    12·1 answer
  • Which of the following is a mutually exclusive cost pool used in activity-based cost accounting? a. All of the answers are corre
    11·1 answer
  • The U.S. Department of Transportation provides estimated number of miles that residents of large metropolitan areas travel per d
    14·1 answer
  • If the Netherlands enjoys comparative advantage in the production of dairy products, it implies that the opportunity cost of pro
    5·1 answer
  • Auto Parts, Inc. is medium-sized company that manufactures auto parts in Buffalo, New York. The company currently loses $40,000
    10·1 answer
  • If you have a credit card limit of $1,000, you should never carry a balance of more than $800 T/F
    8·1 answer
  • Briefly define and give a specific example of:A.1.Scale economies in connection with urban economics (i.e., related to land use,
    13·1 answer
  • the return to schooling for society is higher than the return to schooling for the individual if a. the concept of diminishing r
    10·1 answer
  • The Mighty Music Company produces and sells a desktop speaker for $100. The company has the capacity to produce 50,000 speakers
    10·1 answer
  • There are four basic sources that multinational companies (MNCs) can tap for positions. These are: A. host-country nationals, th
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!