Buffy Inc., borrowed $50,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in two years. Which of the following statements is true with regards to this transaction?
A. The duality of effects does not apply to borrowing transactions.
B. Assets and liabilities increased.
C. Liabilities and stockholders' equity increased.
D. Assets, liabilities, and stockholders' equity increased.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Buffy Inc., borrowed $50,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Pribuss Engineering prepares its financial statements according to International Financial Reporting Standards.
Answers (1)
There are a number of things that you can do to protect yourself from falls in the workplace these include using fall protection equipment and using ladder safety what else can you do
Answers (1)
Dan is currently consuming 10 Cokes and 5 slices of pizza per week such that the marginal utility of the tenth Coke is 12 utils and that of the fifth slice of pizza is also 12 utils.
Answers (1)
Hernandez Company expects credit sales for January to be $100,000. Cash sales are expected to be $60,000. The company expects credit and cash sales to increase 10% for the month of February.
Answers (1)
Which of the following is not an advantage to using credit? a. not having to carry cash b. being able to pay for emergencies c. having goods and services while paying for them later d. can cost more than paying cash e.
Answers (2)
New Questions in Business
On May 1, Pierce Company purchased $60,000 of Stanton Company's 12% bonds at 100 plus accrued interest of $2,400. On June 30, Pierce received its first semiannual interest. On February 1, Pierce sold $50,000 of the bonds at 103 plus accrued interest.
Answers (1)
Tim, a manager of a store, believes that his employee, james, is lazy and never comes to work on time. he reached this conclusion after having seen james walk in late on a day a meeting was scheduled.
Answers (2)
A check written by the company for $282 is incorrectly recorded by a company as $228. On the bank reconciliation, the $54 error should be added to the balance per books. deducted from the balance per books. added to the balance per bank.
Answers (1)
What is basic communication
Answers (1)
Which of the following is the biggest advantage of using a yardstick report? A, You can immediately outline a specific course of action B. All data will support your opening recommendation C.
Answers (1)