On October 1, Snyder Company made a $50,000 sale giving the customer terms of 3/

Question

On October 1, Snyder Company made a $50,000 sale giving the customer terms of 3/10, n/30. The was collected from the customer on October 8, what effect will the collection of cash from the received on the company's financial statements? A. Choice A B. Choice B B. Choice C D. Choice D As of December 31, 2013, Bloch Company had $3, 800 of assets, $1, 600 of liabilities and $700 earnings. The balance in the common stock account on the December 31, 2013 balance sheet was A. $2, 900 B. $3, 800. C. $1, 500. D. none of these. Borrowing cash from the bank is an example of which type of transaction? A. Asset exchange B. Claims used C. Asset use D. Asset source

Explanation / Answer

(8) As a december 31,2013 bloch company had $3800 of assets $1600 of liabilities and $700 earning .The balance in the common stock account on th edecember 31,2013 balance sheet was
Ans:3,800-1,600-700
     =1500 (option c is correct)

(9)Borrowing cash from the bank is an example of which type of transaction?
Ans:Asset source (option D is correct)

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