Pumpkin Inc. sold $500 in pumpkins to a customer on account on January 1. On January 11 Pumpkin collected the cash from that customer. What is the impact on Pumpkin's accounting equation from the collection of cash?
A) No net effect to the accounting equation.
B) Decrease assets and increase liabilities.
C) Increase assets and increase liabilities.
D) Decrease assets and decrease liabilities.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Pumpkin Inc. sold $500 in pumpkins to a customer on account on January 1. On January 11 Pumpkin collected the cash from that customer. What ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The entry to record a write-off of an uncollectible account when using the direct write-off method involves a
Answers (1)
What is an example of a device that commonly uses Linux today? A. Cell phone B. Laptop C. Desktop D. Fax machine
Answers (1)
Hinge manufacturing's cost of goods sold is $420000 variable and $240000 fixed. the company's selling and administrative expenses are $300000 variable and $360000 fixed. if the company's sales is $1580000, what is its contribution margin
Answers (1)
Bill Dukes has $100,000 invested in a 2 stock portfolio; $75,000 is invested in Stock X and the remainder is invested in Stock Y. X's beta is 1.50 and Y's beta is 0.70. What is the portfolio's beta? A. 1.30 B. 1.00 C. 0.98 D. 1.39 E. 1.44
Answers (1)
Westenhover City is a municipality that has governmental activities, business-type activities, a discrete component unit, and a blended component unit.
Answers (1)
New Questions in Business
During the annual planning meeting, Alexandria, president of a Fortune 500 company, discussed with the upper management the strategic goal of expanding company operations across the globe.
Answers (1)
Brothers Ronnie and Jacob are both in college; Ronnie is a senior and Jacob a sophomore. They're both majoring in business administration and want to open a small business a few years after graduation.
Answers (1)
Galaxy Inc. has a tax burden ratio of. 75, an interest burden of. 6, a leverage ratio of 1.25, and a return on sales of 10%. This year the firm makes $2.40 in sales per dollar of assets. What is the firm's ROE? a. 15% b. 11.5% c. 13.5% d. 20%
Answers (1)
The Hudson Corporation has 7,600 obsolete units of a product that are carried in inventory at a manufacturing cost of $152,000. If the units are remachined for $36,400, they could be sold for $68,000.
Answers (1)
Who is ultimately responsible for making compensation policy decisions? a. labor unions b. top management c. hr specialists d. supervisors e. employees?
Answers (1)