Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How

Question:

Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Service’s accounting equation?

a. Increase both assets and liabilities by $180

b. Increase both assets and equity by $180

c. Increase both liabilities and equity by $180

d. Decrease liabilities by $180, and increase equity by $180

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Horngrens Financial And Managerial Accounting The Managerial Chapters

ISBN: 9781292412337

7th Global Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

See More Books

Question Posted: Feb 02, 2024 05:00 AM

See More Questions

The data in the table below are for the economy of Nubia. a. Complete the AE column. T YD 0 60 -60 300 75 225 600 90 510 900 105 795 1,200 120 1,080 Y C 20 110 T = C = XN = AE = 200 290 380 60 + 20 +...
A business is an organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers. A business entity may...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
How many bits are needed to digitally record 90 seconds of your favorite music tune? The sampling rate commonly used for music is 44.1 kHz (i.e. 44100 Hz). Each sample is represented using 16 bits....
Does the Mach number of a gas flowing at a constant velocity remain constant? Explain.
Is the decision facing Lundgren and Ashton programmed or nonprogrammed? Why? LO.1
Calculating Simple Interest on a Loan. You can buy an item for $100 on a charge with the promise to pay $100 in 90 days. Suppose you can buy an identical item for $95 cash. If you buy the item for...
You have just met a new client, Darth Garbinsky, who has come to you for some accounting advice. The thing you have to understand, David, is how these stage plays work. You start out with just an...
Chapter 3: Linking Strategies and the sales role in the era of CRM and data analytics Ethical Question You are the Sales Manager for a paint manufacturer that sells to various global automobile...
The balance sheet reports the a. financial position on a specific date. b. results of operations on a specific date. c. financial position for a specific period. d. results of operations for a...
Consider the overall effects on Global Cleaning Service from selling and performing services on account for $6,400 and paying expenses totaling $2,500. What is Global Cleaning Services net income or...
Assume that the Black-Scholes framework holds. The price of a nondividend-paying stock is $30.00. The price of a put option on this stock is $4.00. You are given: (i) = 0.28 (ii) = 0.10 Using the...
Question 37 Plantito Inc., produces potted plants. For next year, Pietro predicts that 45,000 units will be produced, with the following total costs: Direct materials Direct labor ? 80,000 Variable...
When you are to design a data transmission system, you have two key considerations to work with: data rate and distance, with emphasis placed on achieving the highest data rates over the longest...
How much work does a supermarket checkout attendant do on a can of soup he pushes 0.600 m horizontally with a force of 5.00 N? Express your answer in joules and kilocalories. 3 . (a) Calculate the...
Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). Salaries and wages expenses$460 Research and...
Consider the extensive form game show in the figure below. How many strategies does Player 2 have in this game? (2,2,1) b (2,4,2) 03 by 03 02 dz (4.2,0) (2.0.2) (0.3.4) (3,5,3) (3,1,2)
Methane at 50 psia and 1008F is compressed in a steady-flow device to 500 psia and 1100oF. Calculate the change in the specific entropy of the methane and the specific work required for this...
The overall reaction and equilibrium constant value for a hydrogenoxygen fuel cell at 298 K is 2H 2 (g) + O 2 (g) 2H 2 O(l) K = 1.28 10 83 a. Calculate E cell and G 8 at 298 K for the fuel cell...
Compare and contrast brainstorming and nominal group technique. Ensure you describe both techniques fully in your answer.
Why is the use of teams in organizations becoming more popular?
What is the difference between a team and a group?
Your company produces a health magazine. Its sales data for 1 - year subscriptions are as follows: Year of Operation Subscriptions Sold % Expired at Year End 2 0 2 0 $ 3 0 0 , 0 0 0 5 2 0 2 1 $ 6 4 7...
Problem 3 - 2 0 ( Static ) Calculate profitability and liquidity measures LO 3 - 3 , 3 - 4 , 3 - 6 Presented here are the comparative balance sheets of Hames Incorporated at December 3 1 , 2 0 2 3...
3 Required information [The following information applies to the questions displayed below) John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter. Samantha. In 2020,...

Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How

Question:

Step by Step Answer:

The accounting equation states that Assets Liabilities Equity If Gl...View the full answer

Horngrens Financial And Managerial Accounting The Managerial Chapters

Students also viewed these Business questions