Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. simpson auto body repair purchased $18,856 of mach

Simpson Auto Body Repair purchased $18,856 of Machinery. The company paid $3,732 in cash at...

60.1K

Verified Solution

Question

Accounting

Simpson Auto Body Repair purchased $18,856 of Machinery. The company paid $3,732 in cash at the time of the purchase and the remainder was purchased on account to be paid in four monthly installments. a. How will the purchase affect the accounting equation? Increase total assets by a net amount of $ 15,124 and increase liabilities by $ 15,124 . b. How will the payment of the first monthly installment affect the accounting equation (ignore interest)? Decrease assets by $ 3,781 and decrease liabilities by $ 3,781

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1)   What are the three layers of the heart? Briefly describe the three layers of the...

Medical Sciences
Q

A gymnast is performing a floor routine. In a tumbling run she spins through the air,...

Physics
Q

Tensile testing can someone tell me how to calcualte the true strain, engineering strain, true stress and...

Mechanical Engineering
Q

CASE TWO, J.J. HEVA COMPANY J.J. Heva Company is an American company that prepares its financial...

Accounting
Q

Question 7 If TF 0 increases 20 dB for a 10 fold increase in o...

Basic Math
Q

1. Determine the mean, median, mode and range of each data set and then circle...

Basic Math
Q

Find the exact value of the expression sec sin 1

Algebra
Q

EX 3 Find the value of each expression A log 32 B log 18

Algebra
Q

The following information was reported by a division for the current year: The division's return...

Accounting
Q

If the market price of a good is above the minimum transfer price, the buying...

Accounting
Q

El proceso de asignacin de costos generales a los trabajos en los que se trabaja...

Accounting
Q

The risk-free rate is 2%. The current price of a $4,000 face value 1-year zero-coupon...

Finance