__________ are the economic resources of a company, resulting from past transactions or
Daffy Duck Enterprises (DDE) began business on January 1.
On January 12, DDE makes a
sales call to Acme Inc.
On January 25, Acme orders 100 anvils.
DDE delivers the anvils on
February 1 and collects the cash on February 10.
When should DDE record the sale?
Tweety Bird Corp purchases a building with a fair market value of $100,000 for $95,000 by
issuing a note payable.
The tax value of the land is $92,500.
What is the effect on the
Assets increase by $95,000 & liabilities increase by $95,000.
Assets increase by $92,500, liabilities increase by $95,000 & equity decreases by
Assets increase by $100,000 & liabilities increase by $100,000.
Assets increase by $95,000 & equity increases by $95,000.
Liabilities increase by $95,000 & equity decreases by $95,000.
Sylvester Corporation’s assets at December 31, 2003 totaled $200,000 and liabilities were
Sylvester Corporations liabilities increased by $25,000 during the period ended
December 31, 2004 and equity increased by $35,000.
What are Sylvester Corporation’s
total assets at December 31, 2004?