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25.07.2020 •
Business
Ursula buys a Verismooth boat from a Watercraft store, which agrees to keep the boat for Ursula until she picks it up. Before Ursula gets the boat, an unforeseen tornado destroys the store and the boat. The loss of the boat is suffered by
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Ответ:
Watercraft store
Explanation:
In a situation such as this one, the loss of the boat is ultimately suffered by the Watercraft store. This is mainly due to the fact that they agreed to keep the boat for Ursula until she picks it up, which in doing so they ultimately agreed to take responsibility for the boat during that time. Therefore, any and all damages that have occurred to the boat are suffered by Watercraft and Ursula can sue them for a full refund of the boat.
Ответ:
Note: See attached excel file for the record of the effect of the given transactions in a horizontal statements model.
In the attached excel file, we have:
Assets = Liabilities + Stockholders' Equity = $152,155
Explanation:
In the attached excel file, we have:
Sales tax payable on sales for November Year 1 = $65,500 * 9% = $5,895
Sales tax payable on sales for December Year 1 = $79,500 * 9% = $7,155
Assets = $152,155
Liabilities + Stockholders' Equity = $7,155 + $145,000 = $152,155
Therefore, the accounting equation is proved as follows:
Assets = Liabilities + Stockholders' Equity = $152,155