When a company performs a service and immediately collects the cash from the customer,which of the following would occur?
A) Net income would increase.
B) Expenses would decrease.
C) Assets would decrease.
D) Shareholders' equity would decrease.
Correct Answer:
Verified
Q2: Interest payable,income tax payable and salary payable
Q13: Assets include cash,land,and accounts payable.
Q14: Define and provide an example of each
Q15: Dividends paid to the shareholders when declared
Q16: The collection of cash from a customer
Q19: The payment of an amount owed to
Q20: Explain the following terms in your own
Q21: The payment of salaries to employees when
Q22: What type of account is Prepaid Rent?
A)
Q82: The purchase of office equipment on account
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