Which of the following properly describes the impact on the financial statements when a company borrows $21,000
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Question:
Which of the following properly describes the impact on the financial statements when a company borrows $21,000 from a local bank?
Liabilities increased by $21,000.
Net income decreased by $21,000.
Assets decreased $21,000.
Stockholders' equity increased $21,000.
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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