Indicate the effects on the accounting equation of the following business transactions of Mayflower Service Corporation for b) to d) below. Use proper account titles. Transaction a) is answered as a guide
a) Received cash from Don Jones; issued common stock to him.
What will be an ideal response
Increase asset (Cash); Increase equity (Common Stock)
b) Received cash from a customer on accounts receivable.
c) Paid cash dividends to stockholders.
d) Paid cash on accounts payable.
You might also like to view...
In structured systems analysis, the analysis preferably should start with analysis and documentation of:
a. the current physical system b. the current logical system c. the future logical system d. the future physical system
Which of the following is essential for a company to survive successfully in a global market?
A) a product-centric marketing approach B) an ethnocentric management orientation C) a low-wage workforce D) a sustainable competitive advantage
When a company has a counterbalancing error, the company should
A) not take any action if the financial statements are no longer being presented on a comparative basis. B) restate the financial statements to show the correct balances if the financial statements are presented on a comparative basis. C) discuss the error in the notes to the financial statement and restate the financial statements. D) a and b.
Today, a CEO today stands to make how how many times more than there average employee's pay?
A. 24
B. 100
C. 300
D. 500