Your company pays back $2 million on a loan it had obtained earlier from a bank.
A) Assets decrease by $2 million; liabilities and stockholders' equity are both unchanged.
B) Assets decrease by $2 million, liabilities decrease by $2 million, and stockholders' equity is unchanged.
C) Assets decrease by $2 million and liabilities increase by $2 million.
D) Assets decrease by $2 million, liabilities are unchanged, and stockholders' equity decreases by $2 million.
Correct Answer:
Verified
Q66: A company receives $100,000 cash from investors
Q72: If supplies are purchased for cash:
A) total
Q73: A company issues $20 million in new
Q74: A company borrows $2 million from its
Q78: What is the effect on the balance
Q79: What is the minimum number of accounts
Q79: The Noble Corp.installs $15,000 of equipment,paying $5,000
Q80: Which of the following applies to Accounts
Q82: Accounts Payable had a balance of $18,200
Q89: The Accounts Receivable account:
A)has a normal credit
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