Question
Hansen Enterprises sold the land for cash at an amount equal to its cost. This transaction increased which accounts? a) Liabilities b) Retained Earnings c)
Hansen Enterprises sold the land for cash at an amount equal to its cost. This transaction increased which accounts?
a) Liabilities
b) Retained Earnings
c) Common Stock
d) Assets
The answer is d. But doesn't it stay constant? I think as cash is increased, the land value is decreased. Isn't it?
Can you explain why it is d?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Youre A Golden Auditor Keep It Up
Authors: Auditor Publishing
1st Edition
165805931X, 978-1658059312
