Blenham, Inc sells merchandise on credit. If a customer pays its balance due within the discount period, what is the effect of the payment on Blenham's accounting equation?
a. Assets and stockholders' equity decrease.
b. Assets and stockholders' equity increase.
c. Assets decrease and liabilities increase.
d. Stockholders' equity decreases and liabilities increase.
a
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If a company failed to make the end-of-period adjustment to move the amount of management fees that were earned from the Unearned Management Fees account to the Management Fees Revenue account, this omission would cause:
A. An understatement of liabilities. B. An overstatement of net income. C. An overstatement of equity. D. An overstatement of assets. E. An overstatement of liabilities.
In an experiment, only the factor under investigation is manipulated; all other factors remain constant
Indicate whether the statement is true or false
As of December 31, 2013, Desert Junction Corporation had the following account balances: Cash: $100,000 Accounts Receivable: $27,000 Merchandise Inventory: $35,000 Property, Plant, & Equipment: $150,000 Accounts Payable: $42,000 Long-Term Notes Payable: $122,000 Common Stock: $110,000 Retained Earnings: $38,000 Net Sales totaled $350,000, Cost of Goods Sold was
$180,000, total Operating Expenses were $73,000 and Income Taxes Expense were $27,000 for that same year. On December 31, 2012, total assets were $336,000 and total liabilities were $154,000 . ??Desert Junction's return on assets for 2013 is: a. 1.042. b. 1.080. c. 0.244. d. 0.216.
Common carriers are not liable for the loss, damage, or destruction of goods caused by an act of God
Indicate whether the statement is true or false