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