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, Ravenwood Company issued a long-term installment note. AssetsLiabilitiesStk. EquityRevenuesExpensesNetStmt. of ?IncomeCash Flows???????
What will be an ideal response?
(I) (I) (NA) (NA) (NA) (NA) (I)
Issuing a long-term installment note increases assets (cash) and increases liabilities (installment note payable). It is reported as a cash inflow for financing activities on the statement of cash flows.
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What is the difference between sunshine power and shadow power?
What will be an ideal response?
State laws regulating genetically modified food are typically declared unconstitutional on the basis that they are preempted by federal law
a. True b. False Indicate whether the statement is true or false
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