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Cathy Company is a pharmaceutical company. The grid below is a list of possible effects on the Income Statement and the Balance Sheet. The code is: + = increase; -- = decrease; NE = no effect. Revenue/Gain Net Income Assets Liabilities Equity Expense/Loss +15 I. NE --15 -- 15 NE --15 II. NE +10 --10 -- 10 NE --10 -25 III. NE +25 --25 --25 NE IV. NE NE NE NE NE NE V. +90 NE +90 +90 NE +90 Match the effect that the transaction below would have on Cathy Company's Income Statement and Balance Sheet. Choose (1). (UI), (IM). (IV), or (V) from the grid. For example, if the transaction were "Collected cash on accounts receivable," the correct answer would be (IV) because there is no effect on revenue, expense, net income, overall assets, liabilities, or equity. Transactions: Recorded an impairment loss on a group of assets. The assets had a book value of $100; a fair market value of $90; and total expected future net cash flows (undiscounted) of $75. OV O IV OL III O Cathy Company sold equipment for cash during 2021. The equipment originally cost $50,000 and had accumulated depreciation on the date of sale of $45,000. A gain of $1,000 was recognized on the sale of the equipment. . What amount would be recorded as the cash proceeds from the sale of the equipment? O $5,000 $6,000 O $1,000 O $51,000 $4,000 Cathy Company reported the following information on its comparative balance sheets: Inventory Accounts Payable Ending Balance $90,000 5,000 Beginning Balance $60,000 10,000 All inventory purchases are made on account, and the accounts payable account is only used for these inventory purchases. If the income statement reports cost of goods sold for the period of $300,000, the statement of cash flows should report cash paid for inventory purchases of $275,000 $385.000 O $335,000 $330,000 $325,000