Use the information below to answer the following question(s):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 = I Decrease = D No 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, Premier Corporation began operations by issuing 10,000 shares of no-par stock for $22 per share. 
What will be an ideal response?
(I) (NA) (I) (NA) (NA) (NA) (I)
Issuing no-par common stock increases assets (cash) and increases stockholders' equity (common stock). It does not affect the income statement. The cash inflow is reported in the financing activities section of the statement of cash flows.
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An accounting issue for accounts receivable is measurement of the amount on the balance sheet. With regard to measurement, both U.S. GAAP and IFRS require that sellers report accounts receivable _____
a. the amount that all customers have agreed to pay b. at the present value of future cash flows c. net of the estimated uncollectible amount d. at the future value of present cash flows e. plus the estimated uncollectible amount
Jue understands that soft skills and professional polish will ensure her long-term success on the job. Which of the following is not a soft skill?
A) A grasp of workplace etiquette B) An eagerness to learn C) The ability to work effectively as part of a team D) Proficiency in using a variety of computer software packages
Smalltown has two family-owned hardware stores that have been in business for years. Major Hardware decides that Smalltown would be a good place to build one of its superstores. Major opens, advertising unbelievably low prices; in fact, at below cost
Because Major owns stores nationally, it is able to keep prices extremely low until both of the family-owned stores have to go out of business because they cannot compete. After Major is the only hardware store in town, it raises its prices enough to make up for its former losses and to make some additional profit. Discuss this behavior in relation to antitrust law.
A company's product development strategy defines the set of customer needs that it seeks to satisfy through its products and services
Indicate whether the statement is true or false.