15. (a) Define the terms assets, liabilities, and stockholders’equity. (b) What items affect stockholders’...

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Accounting

15. (a) Define the terms assets, liabilities, and stockholders’equity. (b) What items affect stockholders’ equity?
16. Which of these items are liabilities of White Glove CleaningService? (a) Cash. (f) Equipment. (b) Accounts payable. (g)Salaries and wages (c) Dividends. payable. (d) Accounts receivable.(h) Service revenue. (e) Supplies. (i) Rent expense.

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Answer 15 a Assets An asset is a resource with economic value that an individual corporation or country owns or controls with the expectation that it will provide a future benefit Assets are reported on a companys balance sheet and are bought or created to increase a firms value or benefit the firms operations An asset can be thought of as something that in the future can generate cash flow reduce expenses or improve sales regardless of whether its manufacturing equipment or a patent Assets can be broadly categorized into two See Answer

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In: Accounting15. (a) Define the terms assets, liabilities, and stockholders’equity. (b) What items affect stockholders’ equity?...15. (a) Define the terms assets, liabilities, and stockholders’equity. (b) What items affect stockholders’ equity?16. Which of these items are liabilities of White Glove CleaningService? (a) Cash. (f) Equipment. (b) Accounts payable. (g)Salaries and wages (c) Dividends. payable. (d) Accounts receivable.(h) Service revenue. (e) Supplies. (i) Rent expense.