Celery Company Has Assets of $150,000, Liabilities of $90,000, and Equity

question 149

Multiple Choice

Celery Company has assets of $150,000, liabilities of $90,000, and equity of $60,000. Itbuys supplies for cash $5,000. What effect would this transaction have on the accounting equation?

• A)Assets, no effect, liabilities, no effect.
• B)Assets, $5,000 increase, equity, $5,000 decrease.
• C)Assets, $5,000 increase, equity, $5,000 increase.
• D)Assets, $5,000 decrease, equity, $5,000 decrease.
• E)Liabilities, $5,000 increase, equity, $5,000 decrease.

Identify the aspects and importance of ethical, legal, economic, and voluntary dimensions of social responsibility.

Understand the impact of social responsibility on business operations and stakeholder relationships.

Grasp the concept of sustainability and its importance in business strategies.

Recognize the issues related to environmental responsibility and the trade-offs it requires.

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Definitions:

Perfectly Elastic

A market condition in which demand or supply for a good or service is infinitely sensitive to changes in price, leading to immediate adjustments.

Supply Of Steel

The total amount of steel available for use or sale, which could include production output, imports, and stored inventory.

Demand For Steel

The total market desire to purchase steel, influenced by various economic and industrial factors.

Government Revenue

The money received by a government from taxes and non-tax sources to enable it to undertake government expenditures.