Question

For each of the first 4 questions indicate how the event affects the elements of financial statements. Use the following letters to record your answer in the box shown below each element. Click on each empty box to record your answer for that element. You do not need to enter dollar amounts. (Note that "Not Affected" means that the event does not affect that element of the financial statements or the event causes an increase in that element that is offset by a decrease in the same element.)

Increase = I Decrease = D Not Affected = NA

1) On January 1, Year 1, Kirkland Co. issued $200,000 of bonds payable at 101.5.

Assets	Liabilities	Equity	Revenues	Expenses	Net Income	Stmt of Cash Flows

2) Upon maturity, Eagle Co. repaid the face value of a bond liability.

Assets	Liabilities	Equity	Revenues	Expenses	Net Income	Stmt of Cash Flows

3) On January 1, Year 1, Ravenwood Company issued a long-term installment note.

Assets	Liabilities	Equity	Revenues	Expenses	Net Income	Stmt of Cash Flows

4) On December 31, Year 1, Ravenwood Company made an annual payment on a long-term installment note payable.

Answer 1

1) On January 1, Year 1, Kirkland Co. issued $200,000 of bonds payable at 101.5.

Assets	Liabilities	Equity	Revenues	Expenses	Net Income	Stmt of Cash Flows
I	I	NA	NA	NA	NA	I

2) Upon maturity, Eagle Co. repaid the face value of a bond liability.

Assets	Liabilities	Equity	Revenues	Expenses	Net Income	Stmt of Cash Flows
D	D	NA	NA	NA	NA	D

3) On January 1, Year 1, Ravenwood Company issued a long-term installment note.

Assets	Liabilities	Equity	Revenues	Expenses	Net Income	Stmt of Cash Flows
I	I	NA	NA	NA	NA	I

4) On December 31, Year 1, Ravenwood Company made an annual payment on a long-term installment note payable.

Assets	Liabilities	Equity	Revenues	Expenses	Net Income	Stmt of Cash Flows
D	D	NA	NA	NA	NA	D

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