At the Beginning of the Period, a Company Had $350,000

question 92

Short Answer

At the beginning of the period, a company had $350,000 worth of assets, $110,000 worth of liabilities, and $240,000 worth of equity. Assume the only change during the period was a $30,000 purchase of equipment by issuing a note payable. Show the accounting equation with the appropriate amounts at the end of the period.

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Definitions:

Cold Call

The practice of contacting potential customers or clients who have not previously expressed interest in the offered products or services, typically via telephone.

Personal Selling Process

A series of steps taken by sales professionals to identify potential customers, communicate the benefits of a product or service, and close the sale.

Prospecting Stage

The initial phase in the sales process, where potential clients or customers are identified and qualified as leads.

Toll-free Number

A telephone number that is billed for all arriving calls instead of incurring charges to the originating caller, typically used by businesses to encourage customer contact.