Transactions Consider the following transactions for Thomas Company and their effect on the accounting equation. Place the cursor on each transaction for transaction details. Determine the from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it bl Transaction +Stockholders' Equity Assets Liabilities Beginning $0 $0 $0 1. Investment in the business 17,110 17,110 2. Borrow cash 7,700 24,810 17,110 1711a 3. Pchan.minmed During the year, Thomas Company earned revenues totaling $297,200. The cash has been collected from the customers for all revenue earned this year 4. evenues earned 24 810. 7 700 7,700 5. Expenses incurred 7,700 7,700 6. Dividends Chapter 1 Introduction to Accounting and Business 29 5. If revenue was $45,000, expenses were $37,500, and dividends were $10,000, the amount of net income or net loss would be: $45,000 net income. $37,500 net loss. $2,500 net loss. a. C. b. $7,500 net income. d. Answers provided after Problem. Need more practice? Find additional multiple-choice questions, exercises, and problems in CengageNO Wv2. Exercises Obj. 2 1. Cost principle On February 22, Kountry Repair Service extended an offer of $200,000 for land that had been priced for sale at $250,000. On April 3, Kountry Repair accepted the seller's counteroffer of $230,000 and bought the land for this amount. On September 15, the land was assessed at a value of $185.000 for property tax purposes. On January 9 of the next year, Kountry Repair was offered innal retail chain. At what value should the land be recorded in Transactions Consider the following transactions for Thomas Company and their effect on the accounting equation. Place the cursor on each transaction for transaction details. Determine the from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it bl Transaction +Stockholders' Equity Assets Liabilities Beginning $0 $0 $0 1. Investment in the business 17,110 17,110 2. Borrow cash 7,700 24,810 17,110 1711a 3. Pchan.minmed During the year, Thomas Company earned revenues totaling $297,200. The cash has been collected from the customers for all revenue earned this year 4. evenues earned 24 810. 7 700 7,700 5. Expenses incurred 7,700 7,700 6. Dividends Chapter 1 Introduction to Accounting and Business 29 5. If revenue was $45,000, expenses were $37,500, and dividends were $10,000, the amount of net income or net loss would be: $45,000 net income. $37,500 net loss. $2,500 net loss. a. C. b. $7,500 net income. d. Answers provided after Problem. Need more practice? Find additional multiple-choice questions, exercises, and problems in CengageNO Wv2. Exercises Obj. 2 1. Cost principle On February 22, Kountry Repair Service extended an offer of $200,000 for land that had been priced for sale at $250,000. On April 3, Kountry Repair accepted the seller's counteroffer of $230,000 and bought the land for this amount. On September 15, the land was assessed at a value of $185.000 for property tax purposes. On January 9 of the next year, Kountry Repair was offered innal retail chain. At what value should the land be recorded in
