A business pays off a note payable.What effect does this have on the accounting equation?
A) Assets go up,Liabilities go down,and Stockholders' Equity remains the same.
B) Assets go down,Liabilities remain the same,and Stockholders' Equity goes up.
C) Assets go down,Liabilities go down,and Stockholders' Equity remains the same.
D) Assets go up,Liabilities remain the same,and Stockholders' Equity goes up.
Correct Answer:
Verified
Q86: A company has $74,000 in Assets and
Q90: Stockholders' Equity consists of Retained Earnings and
Q92: The method of accounting that recognizes a
Q93: The method of accounting that recognizes a
Q93: A company has $123,000 in Assets and
Q95: A company has Liabilities of $23,500 and
Q96: A transaction is a business event that
Q100: Most businesses use:
A)cash accounting.
B)accrual accounting.
C)cash and accrual
Q113: Which of the following is a written
Q120: Cash and Accounts Receivable are both a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents