Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A payment to an owner by a company is called a(n): O Liability O Drawing O Expense O Contribution O Investment Question 15 5 pts

image text in transcribed

A payment to an owner by a company is called a(n): O Liability O Drawing O Expense O Contribution O Investment Question 15 5 pts The accounting equation for Goodboys Enterprise is as follows: Assets ($120,000) = Liabilities ($60,000) + Owner's equity ($60,000). If Goodboys provides services on account to a customer and invoices them $12,000 the accounting equation will change to: O The accounting equation will not change and remain as shown above, namely Assets ($120,000) - Liabilities ($60,000) + Owner's equity ($60,000). O Assets ($132.000) = Liabilities ($60,000) + Owner's equity ($72,000). O Assets ($132,000) = Liabilities ($66,000) + Owner's equity ($66,000). O Assets ($132,000) = Liabilities ($72,000) + Owner's equity ($60,000). O Assets ($120,000) = Liabilities ($48,000) + Owner's equity ($72,000)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Investigation And Forensic Accounting

Authors: George A Manning

3rd Edition

0367864347, 9780367864347

More Books

Students also viewed these Accounting questions