Tag Archives: Kennedy

help on this accounting one please?

The Kennedy Company sold land for $60,000 in cash. The land was originally purchased for $40,000, and at the time of the sale, $15,000 was still owed to First National Bank on that purchase. After the sale, The Kennedy Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?

assets increase $20,000; liabilities decrease $15,000; owner’s equity increases $5,000

assets increase $5,000; liabilities decrease $15,000; owner’s equity increases $20,000

assets increase $60,000; liabilities decrease $15,000; owner’s equity increases $20,000

assets increase $20,000; liabilities decrease $15,000; owner’s equity increases $35,000

Not sure on how to answer this one?

The Kennedy Company sold land for $60,000 in cash. The land was originally purchased for $40,000, and at the time of the sale, $15,000 was still owed to First National Bank on that purchase. After the sale, The Kennedy Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?

assets increase $20,000; liabilities decrease $15,000; owner’s equity increases $5,000

assets increase $5,000; liabilities decrease $15,000; owner’s equity increases $20,000

assets increase $60,000; liabilities decrease $15,000; owner’s equity increases $20,000

assets increase $20,000; liabilities decrease $15,000; owner’s equity increases $35,000

Kennedy: Say ‘no’ to clinton slime

Defense Department settled a lawsuit with Tripp for over 0000 for invading her privacy. Then there were the stories branding Monica Lewinsky as a “stalker” trying to hurt the president: Those were traced back to Sidney Blumenthal, a Clinton White House adviser. This year, Bill Clinton has been Hillary’s hit man, especially in South Carolina, where he was in charge of branding Obama the “black candidate.” Shamelessly seeking to marginalize the first serious African-American candidate for …