Pete Jackson purchased office equipment costing $3,000 for his business and paid immediately. record this transaction in the accounting equation by: decrease cash, increase equipment.
When using the accounting equation, recording the acquisition of kit for cash would come with a rise to the account and a decrease to the (Cash/Equipment/Supplies) account. What's the right definition of an asset? Business activities change the amounts within the accounting equation.
The purchase of an equipment would only result in a rise in an asset (Equipment) and a decrease in another asset (Cash) within the same amount which might result in the identical total amount of assets, liabilities and equity, and can not affect the fundamental accounting equation.
The formula is straightforward: A company's total assets are adequate to its liabilities plus its shareholders' equity. The accounting equation is also expressed as assets - liabilities = owner's equity.
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Answer:
A. $30,000
Explanation:
Jack realises gain of ( 100000 FMV of stock + 30000 FMV of car - 75000 Adjusted basis )
$ 55000
Jack recognises gain of $ 30000 i.e the FMV of the property ( car ) other than the stock received.
Therefore, The amount of gain that R must recognize on the exchange is $30,000.
Answer:
Dr.Office Supplies, $110; Dr. Merchandise inventory, $140; Dr. Miscellaneous expenses, $70; Cr. Cash over and short, $4; Cr. Cash, $316
Explanation:
The journal entries are shown below:
1. Petty cash A/c Dr $400
To Cash A/c $400
(Being petty cash fund established)
2. Office supplies A/c Dr $110
Merchandise inventory A/c Dr $140
Miscellaneous expense A/c Dr $70
To Cash over and short A/c Dr $4
To Cash A/c Dr $316
(Being disbursement of cash recorded)
Answer:
What are the two primary ways you can make tax payments? You can make tax payments by having it set up to be automatically withdrawn from your bank account, or you can pay your taxes directly by sending in a check or calling to set up a payment arrangement on the taxes owed.
What is one other way you can pay? The other way to pay your taxes is to have your refund directly sent to them until your balance is paid in full.
3- If you can’t pay immediately, what is one course of action you can take? What are the criteria?
Again, one course of action to pay your taxes is to have your refund directly sent to bureau that you owe. The criteria is that you get penalized and the state can charge you extra interest rate fees if not paid by a certain time
Explanation:
*matches pairs to respective categories*
