Part A: Record the effect of each of the following sales of long-term assets on the accounting equation.Write in BOTH the correct dollar amounts and the titles of the accounts involved.
Part B: Use your answer from Part A,SALE 2. to answer the following three questions:
a. $7,472 cash from operating activities
b. $30,000 cash from operating activities
c. $7,472 cash from investing activities.
d. $30,000 cash from investing activities
e. $7,472 cash from financing activities
f. $30,000 cash from financing activities
Definitions:
Break-even Point
The point at which total cost and total revenue are equal, meaning there is no net loss or gain.
Long-run Supply Curve
A graphical representation showing the relationship between the price of a good and the total output produced by firms in the market in the long-run, where all inputs can be varied.
Marginal Analysis
An examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
Maximize Profits
The process by which businesses aim to achieve the highest possible profit through revenue maximization and/or cost minimization strategies.
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