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Indicate How Each Event Affects the Horizontal Financial Statements Model

Question 98

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Indicate how each event affects the horizontal financial statements model. Use the following letters to record your answer in the box shown below. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. You do not need to enter amounts.Increase = I Decrease = D Not Affected = NAOn December 31, Year 1, Ravenswood Company made an annual payment on a long-term installment note payable. Show how this annual payment affected Ravenswood's financial statements.
Indicate how each event affects the horizontal financial statements model. Use the following letters to record your answer in the box shown below. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. You do not need to enter amounts.Increase = I Decrease = D Not Affected = NAOn December 31, Year 1, Ravenswood Company made an annual payment on a long-term installment note payable. Show how this annual payment affected Ravenswood's financial statements.

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