This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Mercy, Inc. purchased a truck for 50,000 cash. The effect of this transaction on the accounting ... (Read 159 times)

Mollykgkg

  • Hero Member
  • *****
  • Posts: 529
on: Jul 5, 2018
Mercy, Inc. purchased a truck for 50,000 cash. The effect of this transaction on the accounting equation is:
 
  A) Total shareholders' equity
   Total assets Total liabilities Contributed capital Retained earnings
   Increase No effect No effect Increase
 
  B) Total shareholders' equity
   Total assets Total liabilities Contributed capital Retained earnings
   Decrease No effect No effect Decrease
 
  C) Total shareholders' equity
   Total assets Total liabilities Contributed capital Retained earnings
   No effect No effect No effect No effect
 
  D) Total shareholders' equity
   Total assets Total liabilities Contributed capital Retained earnings
   Increase No effect Increase No effect

Question 2

The form of income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a
 a. multiple-step statement
  b. revenue statement
  c. report-form statement
  d. single-step statement


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

wshriver

  • Sr. Member
  • ****
  • Posts: 318
Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

d


Mollykgkg

  • Member
  • Posts: 529
Reply 2 on: Jul 5, 2018
Gracias!

bigcheese9

  • Member
  • Posts: 333
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

Certain topical medications such as clotrimazole and betamethasone are not approved for use in children younger than 12 years of age. They must be used very cautiously, as directed by a doctor, to treat any child. Children have a much greater response to topical steroid medications.

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

In the United States, congenital cytomegalovirus causes one child to become disabled almost every hour. CMV is the leading preventable viral cause of development disability in newborns. These disabilities include hearing or vision loss, and cerebral palsy.

Did you know?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

The Greenhouse Effect The Greenhouse Effect
Effect-log dose curve for the analgesic action of three narcotics and aspirin. Hydromorphone is more ... Effect-log dose curve for the analgesic action of three narcotics and aspirin. Hydromorphone is more ...
Contributions of various His residues to the Bohr effect in hemoglobin Contributions of various His residues to the Bohr effect in hemoglobin
The effect of thermal expansion The effect of thermal expansion
The ancestral and modern-day tomato. (b) Phenotypic effect of the fw2.2 transgene in the tomato The ancestral and modern-day tomato. (b) Phenotypic effect of the fw2.2 transgene in the tomato
Chloride and bicarbonate exchange in the renal tubules and effect of aldosterone on excretion of H+ Chloride and bicarbonate exchange in the renal tubules and effect of aldosterone on excretion of H+
Video: Endocytosis - pinocytosis, receptor mediated and Transcytosis

For a complete list of videos, visit our video library