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  1. business
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  3. a. a vacant lot acquired for $449,500 is sold for

a. A vacant lot acquired for $449,500 is sold for $867,500 in cash. What is...

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Accounting

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a. A vacant lot acquired for $449,500 is sold for $867,500 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stockholders' equity? If there is no change, select 'No change from the dropdown and then enter a "o" in the amount box. Nature of Transactions Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Assets Stockholders' Equity = Liabilities + Accounts Payable + Capital Stock + Retained Earnings Dividends + Fees Earned E Cash + Supplies + Land 25,100 3,300 62,800 Bal. 6,800 19,400 65,000 1. +29,400 29,400 2. -12,600 +12,600 3. -21,800

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