McPherson Company sold goods to a customer at a sales price of $1,000. In addition, an additional $50 for sales tax was collected, for a total amount of cash received from the customer of $1,050.
Due to this transaction, which of the following is true?
Expenses will increase $50
Net income will increase $1,050
Total liabilities will increase $1,050
Total assets will increase $1,050
Revenue will increase $1,050
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “McPherson Company sold goods to a customer at a sales price of $1,000. In addition, an additional $50 for sales tax was collected, for a ...” 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
What is an example of brand promotion? Charging a premium, providing a warranty, providing after-sale service, attending a trade show?
Answers (1)
h. Based on reading the section on Focus On Managerial Implications, discuss how much CSR and sustainability are related and how much the concepts differ from each other.
Answers (1)
Explain how the equilibrium price and quantity sold of eggs will change in the following cases. Remember that they need not move in the same direction. (a) An outbreak of food poisoning is traced to eggs.
Answers (1)
Current liabilities are obligations that are reasonably expected to be paid from Existing Creation of Other Current Assets Current Liabilities a. No No b. Yes Yes c. Yes No d. No Yes
Answers (1)
Tyson is a 25% partner in the KT Partnership. On January 1, KT distributes $16,000 cash, inventory with a $16,000 fair value (inside basis $8,000), and land with a fair value of $8,000 (inside basis of $12,000) to Tyson.
Answers (1)
New Questions in Business
According to cox and demmitt, the single largest expense for wives who return to work is:
Answers (1)
The local government relies mostly on revenue from -Medicare taxes -property taxes -income taxes -interest from savings accounts
Answers (1)
Richard hires Paul to paint his kitchen in two eight-hour days of work for $500. At the end of the first day, the kitchen is 85 percent complete. Richard asks Paul to stay late and finish.
Answers (1)
A manager demonstrates when he listens carefully to his subordinates and works to build trusting relationships.
Answers (1)
On March 1, 2017, Boyd Company acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash.
Answers (1)