Silicon Valley Company issued $5,000 common stock on January 1, 2018. During the year, the company...
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Silicon Valley Company issued $5,000 common stock on January 1, 2018. During the year, the company earned $8,500 of revenue on account. The company collected $6,000 cash from accounts receivable and paid $5,400 cash for operating expenses. Identify the effect of these accounting events on the total assets of the company. a. Total assets did not change. b. Total assets increased by $14,100. c. Total assets increased by $600. d. Total assets increased by $8,100. Silicon Valley Company issued $5,000 common stock on January 1, 2018. During the year, the company earned $8,500 of revenue on account. The company collected $6,000 cash from accounts receivable and paid $5,400 cash for operating expenses. Identify the effect of these accounting events on the total assets of the company. a. Total assets did not change. b. Total assets increased by $14,100. c. Total assets increased by $600. d. Total assets increased by $8,100.
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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