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.) Jim Caldwell and Pam Ennis, both CPAs, began their new partnership by each contributing $50,000 to their business. 
What will be an ideal response?
(I) (NA) (I) (NA) (NA) (NA) (I)
The cash contributions increase the partnership's assets (cash) and partners' equity (Caldwell, capital and Ennis, capital). The cash contributions are reported as a cash inflow in the financing activities section of the statement of cash flows.
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Fill in the blank(s) with correct word
The equity method of accounting should be applied by an investor to an investment in the voting stock of an investee of 20% or more of the voting stock of the investee. An investment of 20% or more of the voting stock of an investee should lead to the
presumption (absent evidence to the contrary) that an investor has the ability to exercise significant influence over an investor. The presumption in applying the equity method is that an investor has significant influence over the operating and financial policies of an investee even though the investor holds 50% or less of the voting stock of the investee. Required: Identify events or circumstances that suggest that an investor has significant influence over an investee.
A primary goal of a marketing effort is to
A) withhold the supply of a product in order to overstimulate demand and boost prices. B) defend a firm's product lines against consumer activism. C) differentiate a product from its competition in the minds of consumers. D) train salespeople in ways to appear more credible. E) launch products without conducting research and development.
________ crimes require that the perpetrator intended to achieve a specific result from his illegal act.
A. General intent B. Nonintent C. Recklessness D. Specific intent