Question
Knopp Company experienced an event that had the following effects on its financial statements. Balance sheet Income Statement Statement of Cash Flows Assets = Liabilities
Knopp Company experienced an event that had the following effects on its financial statements.
| Balance sheet | Income Statement | Statement of Cash Flows | ||||||||
| Assets | = | Liabilities | + | Equity | Rev. | Exp. | = | Net Inc. | ||
| + | NA | + | + | NA | + | + OA | ||||
Which of the following events would have caused these effects?
-
Earned cash revenue
-
Borrowed money
-
Purchased land with cash
-
Issued stock for cash
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2001 Miller Local Government Audits
Authors: Rhett D. Harrell
1st Edition
015607219X, 978-0156072199
