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 dollar amounts. (Note that "Not Affected" means that the event does not affect that element of the financial statements or the event causes an increase in that element that is offset by a decrease in the same element.)Increase = IDecrease = DNot Affected = NAVancouver Co. paid a $50,000 cash dividend to its shareholders two months after Vancouver declared the dividend.AssetsLiabilitiesStk. EquityRevenuesExpensesNetStmt. of ?IncomeCash Flows???????
What will be an ideal response?
(D) (D) (NA) (NA) (NA) (NA) (D)
Paying a dividend that was declared at an earlier date decreases assets (cash) and decreases liabilities (dividends payable). It is reported as a cash outflow in the financing activities section of the statement of cash flows.
You might also like to view...
Fully justified text (when lines of text align on both the left and right) ________
A) refers only to documents with margins of 1 to 1.5 inches B) is preferred for business documents because it increases white space and readability C) results in awkward and uneven spaces between words D) ?is easier to skim
The primary functions of an investment asset are to increase your net worth and/or provide additional income
Indicate whether the statement is true or false.
By contract, Quality Metals Corporation forbids Resource Refining, Inc., a wholesale buyer of Quality's products, from purchasing the products of Quality's competitors. This exclusive-dealing contract is allowed
A. under any circumstances. B. unless its effect is to cause a competitor a loss of any business. C. unless its effect is to substantially lessen competition. D. unless there is no effect on a competitor.
A third party can sue one of the partners of a partnership without suing all members of the partnership.?
Indicate whether the statement is true or false