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 155 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
Great answer, keep it coming :)

bulacsom

  • Member
  • Posts: 329
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

Atropine was named after the Greek goddess Atropos, the oldest and ugliest of the three sisters known as the Fates, who controlled the destiny of men.

Did you know?

The B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

The Role of Microfilaments in Cell Movement-Showing Cause and Effect in Biology The Role of Microfilaments in Cell Movement-Showing Cause and Effect in Biology
Effect of a Black Hole’s Tidal Force on Infalling Matter Effect of a Black Hole’s Tidal Force on Infalling Matter
Thorndike’s Puzzle Box and the Law of Effect (1 of 2) Thorndike’s Puzzle Box and the Law of Effect (1 of 2)
The shut-off switch on a GM parallel hybrid truck is green because this system uses 42 volts instead ... The shut-off switch on a GM parallel hybrid truck is green because this system uses 42 volts instead ...
Demographic change and the effect on people social, and economic life Demographic change and the effect on people social, and economic life
Stem-lengthening effect of gibberellins. Stem-lengthening effect of gibberellins.
Video: Embryonic development - Week 3

For a complete list of videos, visit our video library