tained earnings. Assume that the current ratio is greater than 1:1. (Indicate the effect of each transactions by selecting "+" for increase, "–" for decrease, and "NC" for no change.) Collected account receivable. Wrote off account receivable.
Indicate the effect of each of the following transactions on (1) the
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Collected account receivable.
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Wrote off account receivable.
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Converted a short-term note payable to a long-term note payable.
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Purchased inventory on account.
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Declared cash dividend.
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Sold merchandise on account at a profit.
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Issued stock dividend.
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Paid account payable.
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Sold building at a loss.
Current RatioWorking CapitalStockholders' EquityBook ValueRetained Earnings
a.
b.
c.
d.
e.
f.
g.
h.
i.
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