When a Company Pays an Amount It Owes a Creditor

question 140

Multiple Choice

When a company pays an amount it owes a creditor:

• A)assets are decreased and net income is decreased.
• B)assets are decreased and liabilities are increased.
• C)liabilities are decreased and net income is increased.
• D)assets are decreased and liabilities are decreased.

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Definitions:

Market Supply

The total quantity of a good or service that producers are willing and able to sell at a given price in a given period.

Equilibrium Price

The market price at which the quantity supplied of a good equals the quantity demanded, leading to a stable market condition.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price during a specific period.

Production Costs

Expenses incurred in the process of creating a product or service, including raw materials, labor, and overheads.