Comstock Company Provided Consulting Services and Billed the Client $2,500

question 89

Multiple Choice

Comstock Company provided consulting services and billed the client $2,500.As a result of this event,

• A)total assets remained unchanged.
• B)assets increased by $2,500.
• C)equity increased by $2,500
• D)Both assets and equity increased by $2,500.

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Definitions:

Appraised Fair Value

The estimated market value of an asset based on the judgment of a qualified appraiser at a specific time.

Cost

The value of economic resources used or the amount of expenditure incurred to acquire or produce a good or service.

Book Value

The net value of an asset as recorded on the balance sheet, calculated by subtracting any associated depreciation or amortization from its cost.

Property

Assets or possessions owned by an individual or company, encompassing both tangible and intangible assets.