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Sliva [168]
2 years ago
8

Land originally purchased for $28,390 is sold for $74,057 in cash. What is the effect of the sale on the accounting equation

Business
1 answer:
Elodia [21]2 years ago
8 0

There is no effect on the accounting equation.

<h3>What is accounting equation?</h3>

Accounting equation is the one which states that a company's total assets are equal to the sum of its liabilities and its shareholders' equity.

Assets = owner's equity + liability

The above means that land is not depreciated, therefore assets decrease (-land) but also increase (+cash).

The elements of accounting equation are :

  • Assets
  • Liabilities
  • Shareholders' equity.

Learn more about account equation here: brainly.com/question/24401217

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Demands differ from wants because:______.
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The correct answer is:

demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good. (d)

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want: want is a desire for a product or service. It is said that wants are unlimited, however, the resources to actualize such wants are in a limited supply.

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7 0
3 years ago
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Hochberg Corporation uses an activity-based costing system with the following threeactivity cost pools:Activity Cost Pool Total
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Explanation:

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Wages and salaries    340,000                   30%                     102,000

Depreciation                160,000                   15 %                     24,000

Occupancy                  220,000                   15 %                     33,000

Total                             720,000                                              159,000

Cost driver (hours)                                                              30,000 machine hours

Rate per machine hr                                                          159,000 ÷ 30,000

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5 0
3 years ago
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