Indicate how each event affects the elements of the financial statements. Use the following letters to record your answer in the box shown below each element. Use only one letter for each element. You do not need to enter amounts.Increase = IDecrease = DNo Effect = NA(Note that "No Effect" means that the event does not affect that element of the financial statements or that the event causes an increase in that element and is offset by a decrease in that same element.) On January 1, Year 1, Flagler Corporation signed a contract with the City Bank for a line of credit that permitted Flagler to borrow up to $50,000. AssetsLiabilitiesStk. EquityRevenuesExpensesNetStmt. of ?IncomeCash Flows???????
What will be an ideal response?
(NA) (NA) (NA) (NA) (NA) (NA) (NA)
Signing a contract for a line of credit does not affect the elements of the financial statements. No entries are made until the line of credit is used.
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Changes in the value of availableforsale securities
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Suppose that a book publisher sells a textbook for $150 each to its domestic distributor
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Which of the following is true of competency-based plans?
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An advantage of the arbitrary approach for determining the advertising appropriation is that it is
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