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brilliants [131]
3 years ago
6

Retscan, Inc. has assets of $625,000, liabilities of $385,000, and equity of $240,000. It buys office equipment on credit for $1

25,000. The effects of this transaction include: Group of answer choices
Business
1 answer:
brilliants [131]3 years ago
5 0

Answer: a. Assets increase by $125,000 and liabilities increase by $125,000

Explanation:

The Office equipment bought are considered PPE which means they are fixed assets. Their acquisition will increase the assets held by the company by the value of the equipment, $125,000.

The equipment was however, bought on credit. This means that the company still owes the suppliers, payment for it which will see their liabilities increase by the same amount of $125,000.

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Mike Hansen has adjusted gross income of $82,000. During the year, Mike decided he needed a larger home. He purchased a home on
viktelen [127]

Answer: $0

Explanation: The total amount of an individual's Gross income which is taxed is called the taxable income. An individual's Adjustable Gross Income may include expenses such as charitable contribution, mortgage interest, medical and some other eligible expenditure which are are deducted in other to lessen the taxable income of such individual. Such deductions are called the Itemized deductions.

However, personal expenses DO NOT CONTRIBUTE to an individual's Itemized deduction and as such, MIKE HANSEN'S ITEMIZED DEDUCTION IS ZERO.

The $6000 incurred is classed under personal expenditure and is not deductible.

6 0
3 years ago
Carlos was born with cataracts in both eyes. Even though they were removed when he was 5, his lack of visual experiences during
torisob [31]

Answer:

d) degeneration of neural connections in visual reception areas of the brain.

6 0
2 years ago
Read 2 more answers
The Smelting Department of Kiner Company has the following production data for November. Production: Beginning work in process 3
Citrus2011 [14]

Answer:

(A) 18,400 units

(B) 12,940 units

Explanation:

The computation of the equivalent units of production for

(A) Material =  Units transferred out +  Ending work in process

                   = 9,300 units + 9,100 units

                   = 18,400 units

(B) Conversion  =  Units transferred out +  (Ending work in process × conversion percentage)

= 9,300 units + 9,100 units × 40%

= 9,300 units + 3,640 units

= 12,940 units

7 0
3 years ago
Able, on behalf of Pix Corp., entered into a contract with Sky Corp., by which Sky agreed to sell computer equipment to Pix. Abl
Ludmilka [50]

Answer:

D) Pix must have knowledge of all material facts relating

Explanation:

If the contract is beneficial for Pix, then they will want to ratify it. Unless Sky is aware that Able was not authorized to sign contracts on behalf of Pix, they probably wouldn't even tell them about what really happened. Although, Pix will want to know all material facts relating to the contract at the time it is ratified in order to verify if it is really good for them.

7 0
2 years ago
Consider the old maxim, "build a better mousetrap and the world will beat a path to your door." discuss the meaning of this phra
MAVERICK [17]

In the context of time-based competition,  "build a better mousetrap and the world will beat a path to your door." could be interpreted as "those who make better innovations would obtain the most opportunities to obtain profit in the market"

Innovations only offers advantages in the competition because it offer different options for consumers that exclusively belong to US. But innovation is NOT THE ONLY factors for the product's success. There are other factors that can influence the success such as marketing strategies, condition of the economy

6 0
3 years ago
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