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Johnson, Inc. purchased land for cash. What effect does this transaction have on its accounts?

Anthony, Inc. buys land for $50,000 cash. The net effect on assets is _____.

From the following data for Zen Industries, calculate the quick ratio. Amount Cash $   66,500 Accounts receivable 120,000 Inventories 210,000 Prepaid expenses      25,000 Total current assets $ 421,500 Less current liabilities   (270,000) Working capital $ 151,500

Use the following information to determine Total Stockholders’ Equity. Amount Total Assets $ 95,000 Total Liabilities    22,000 Total Stockholders’ Equity              x Total Retained Earnings     8,000

_____ are an example of internal stakeholders.

Debts owed by a business are referred to as _____.

Which of the following is an accrued expense?

A deferred expense is initially recorded as a(n) _____.

The accrual basis of accounting recognizes _____.

Revenues received from providing services are referred to as _____.