Goods that cost $2,000 to make were sold for $3,000 on account. How does their sale affect

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Goods that cost $2,000 to make were sold for $3,000 on account. How does their sale affect assets, liabilities, and equity? What is the effect on the income statement?

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Fundamental Managerial Accounting Concepts

ISBN: 978-0078110894

6th Edition

Authors: Edmonds, Tsay, olds

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Question Posted: Dec 07, 2011 06:10 AM

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Goods that cost $2,000 to make were sold for $3,000 on account. How does their sale affect

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When goods are sold their cost 2000 is transferred f...View the full answer

Fundamental Managerial Accounting Concepts

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