Matador company purchases $1,300 of equipment from danger mouse inc. for cash. theeffect on the components of the basic accounting equation of matador company is
a. an increase in assets and liabilities.
b. a decrease in assets and liabilities.
c. no change in total assets.
d. an increase in assets and a decrease in liabilities.

Which of the following would classify as a general education requirement

Acompany finances the purchase of equipment with a $500,000 5-year note payable. the note has an interest rate of 12% and a monthly payment of $11,122. after two payments have been made, what amount should the company report as the note payable balance in its december 31 balance sheet?

John and sue smith are a married couple who file a joint income tax return. they have two children, so they claim a total of 4 exemptions (based on calendar year 2015 tax law, a personal exemption of $4,000 per person or dependent can be deducted from total income). in addition, they have legitimate itemized deductions totaling $25,750. their total income from wages is $237,500. what is the couple’s taxable income? $195,750 $221,500 $229,500 $205,750