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Accounting | Accounting homework help

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a. A vacant lot acquired for $100,000 is sold for $350,000 in cash. What is the effect of the sale on the total amount of the seller?s (a) assets, (2) liabilities, and (3) stockholder?s equity (retained earnings)?
b. Assume that the seller owes $75,000 owed. What is the effect of the payment on the total amount of the seller?s (1) assets, (2) liabilities, and (3) stockholder?s equity (retained earnings)?
c. Is it true that a transaction always affects at least two elements (Assets, Liabilities, or Stockholder?s Equity) of the accounting equation? Explain.

As noted in the chapter-opening vignette, Toyota ran into trouble for two reasons. One was that the company centralized most decision making in corporate headquarters.
The second was that the CEO pressured top engineers to cut costs to improve profitability. What should an international company do to avoid these pitfalls? What are some potential pitfalls with your recommendations?

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