Which of the following properly describes one of the impacts on the financial statements when a company borrows $38,000 from a local bank? Group of answer choices Liabilities increased $38,000. Assets decreased $38,000. Net income decreased $38,000 Stockholders' equity increased $38,000.
Which of the following properly describes one of the impacts on the financial statements when a company borrows $38,000 from a local bank? Group of answer choices Liabilities increased $38,000. Assets decreased $38,000. Net income decreased $38,000 Stockholders' equity increased $38,000.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter14: Statement Of Cash Flows
Section: Chapter Questions
Problem 54P
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Question
Which of the following properly describes one of the impacts on the financial statements when a company borrows $38,000 from a local bank?
Group of answer choices
Stockholders' equity increased $38,000.
Liabilities increased $38,000.
Assets decreased $38,000.
Net income decreased $38,000
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