Question
The accounting equation for Hephalump Enterprises is as follows: Assets = Liabilities + Stockholders' Equity $360,000 = $180,000 + $180,000 If the company now purchases
The accounting equation for Hephalump Enterprises is as follows:
| Assets | = | Liabilities | + | Stockholders' Equity |
| $360,000 | = | $180,000 | + | $180,000 |
If the company now purchases a truck on account for $30,000, the accounting equation will change to:
| Assets $390,000= Liabilities $180,000 + Stockholders Equity $210,000 |
| Assets $390,000= Liabilities $198,000 + Stockholders Equity $192,000 |
| Assets $390,000= Liabilities $210,000 + Stockholders Equity $180,000 |
| Assets $360,000= Liabilities $180,000 + Stockholders Equity $180,000 |
| None of these equations is correct. |
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A Salvation Audit
Authors: Colin Grant
74th Edition
094086634X, 978-0940866348
