28) How would the payment of cash dividends affect the accounting equation?
29) How would the payment of expenses affect the accounting equation?
30) Lauren purchased a computer on account for her business. How will this transaction affect the accounting equation?
31) Subway is famous for their subway sandwiches. At the end of 2013, Subway's total assets were $345,000, and total liabilities were $129,500. Calculate Subway's shareholders' equity.
32) The income statement will impact the retained earning section of the statement of financial position.
a) Will a net loss increase or decrease retained earnings?
b) Will a net profit increase or decrease retained earnings?
33) ABC purchased office supplies on account for $50,000. How would this transaction affect ABC's accounting equation?
34) Part 1.
A business sells $1,000 of product on account. Identify the effect on the accounting equation.
Part 2
A business buys $1,000 of product on account. Identify the effect on the accounting equation.