Indicate how each event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts.Increase = IDecrease = DNo Effect = NNguyen Co. borrowed $50,000 cash from Metropolitan Bank.AssetsLiabilitiesEquityRevenuesExpensesNet IncomeCash Flow???????
What will be an ideal response?
(I) (I) (N) (N) (N) (N) (I)
Borrowing cash is an asset source transaction that increases a business's assets (cash) and its liabilities (notes payable). It does not affect the income statement, but is reported as a cash flow from financing activities in the statement of cash flows.
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If a foreign company is taken over by the host country government, and some form of compensation is paid, "expropriation" has occurred
Indicate whether the statement is true or false
What are specific, quantified targets that represent steps toward accomplishing goals?
A. values B. missions C. activities D. objectives
If incorporators cannot show substantial compliance with statutes regarding incorporation but can show that they were unaware of any defect and acted in good faith, a court may treat the entity as a(n):
a. de jure corporation. b. real corporation. c. de facto corporation. d. equitable corporation.
With reference to #46 above, Barnes Escrow has received cash of $45,000 from Gramercy Stables for the cash closing requirements of $102,000. Gramercy pays the remaining amount of the cash due at closing through a wire transfer to Barnes from Gramercy's Bank. Barnes proceeds with the disclosure with no further action
A)?As long as the total amount due is deposited with Barnes, Barnes has complied with its duties. B)?The $45,000 will require a source verification under the Patriot Act. C)?The $45,000 does not require a source verification because the majority of the funds came directly from a bank. D)?The Patriot Act does not apply to escrow companies.