Which of the following is correct if a company purchases equipment for $70,000 cash?
A) Total assets will increase by $70,000.
B) Total assets will decrease by $70,000.
C) Total assets will remain the same.
D) Total owners' equity will decrease.
Correct Answer:
Verified
Q69: Owners' equity in a business decreases as
Q70: If the Notes Payable is $10,000,the December
Q71: Assume that the Equipment shown above was
Q72: If a company has a profit:
A)Assets will
Q73: If total assets of Hercules Manufacturing,Inc.are $556,000,Retained
Q75: If total assets of Hercules Manufacturing,Inc.are $556,000,Equipment
Q76: To appear in a balance sheet of
Q77: If Capital Stock is $260,000,what is the
Q78: If Cash at December 31,2018,is $26,000,total owners'
Q79: If Capital Stock is $320,000,total assets of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents