1. On April 30, 2021, Pinto Products received from a Customer Inc a cash payment of $300,000, representing a deposit on production and delivery of a $1,000,000 machine, which will cost Pinto $600,000 to manufacture and deliver to Customer, to be delivered by Pinto to Customer on or before August 31, 202 Payment for the machine is due in full on delivery. This transaction would most likely result in which of the following as of 4/30/2021?
2. 1. No effect on Pinto’s liabilities or assets
   2. A decrease in Pinto’s total assets of $300,000.
   3. An increase in Pinto’s total liabilities of $1,300,000.
   4. An increase in Pinto’s sales of $1,000,000.

Answer rating: 100% (QA)

The correct answer is Option a No effect on Pintos ... View the full answer