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Event affects the company's financial statements

Requesting assistance for accounting word problems in order to study successfully for upcoming exam.

1. The Antonio Corporation recorded a business event using T-accounts as follows:

Cash Common Stock_ 25000 25000________

Which of the following reflects how this event affects the company's financial statements?

Assets = Liab + Equity Rev - Exp. = Net Inc. Cash Flow

a. + = + + NA NA - NA = NA + FA
b. + = NA + + NA - NA = NA + FA
c. - = NA + - - - NA = - + OA
d. - = - + NA NA - + = - - IA

2. Which of the following reflects how this event affects the company's financial statements?

Assets = Liab + Equity Rev - Exp. = Net Inc. Cash Flow

a. - = NA + - NA - + = - -OA
b. - = NA + - NA - NA = NA - FA
c. NA = NA + - NA - NA = NA - FA
d. - = NA + - NA - NA = NA - OA

3. Hunt Corporation recorded a business event using T-accounts as follows:

Rent Expense Prepaid Rent_ 1000 1000

Which of the following reflects how this event affects the company's financial statements?

Assets = Liab + Equity Rev - Exp. = Net Inc. Cash Flow

a. + = + + NA NA - NA = NA =FA
b. - = NA + - NA - + = - NA
c. + = NA + + + - NA = + +OA
d. - = - + NA NA - + = - -OA

4. Lincoln Company recorded a business event in T-accounts as follows:

Office Equipment Cash _ 10000 10000

Which of the following reflects how this event affects the company's financial statements?

Assets = Liab + Equity Rev - Exp. = Net Inc. Cash Flow

a. + = + + NA NA - NA = NA +FA
b. + = NA + + NA - NA = NA -FA
c. + = + + NA NA - NA = NA -IA
d. NA = NA + NA NA - NA = NA -IA

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Requesting assistance for accounting word problems in order to study successfully for upcoming exam.

1. The Antonio Corporation recorded a business event using T-accounts as follows:

Cash Common Stock_ 25000 25000________

Which of the following reflects how this event affects the company's financial statements?

Assets = Liab + Equity Rev - Exp. = Net Inc. Cash Flow

a. + = + + NA NA - NA = NA + FA
b. + = NA + + NA - NA = NA + FA
c. - = NA + - - - NA = - + OA
d. - = - + NA NA - + = - - IA

b is ...

Solution Summary

Response helps in explaining event affects the company's financial statements

$2.19