Question Mode

Multiple Select Question

Select all that apply

Ima Rich purchased $100$ shares of Stockits, Inc.$\text{'}$s $$1$ par value common stock from Stockits for $$5$ per share. Which statements are true regarding the effect of this transaction on Stockits' financial statements? $($Select all that apply.$)$

Multiple select question.

Stockholders' equity on the balance sheet increases.

The investing activities section of the statement of cash flows increases.

A gain on will be reported on the income statement.

The financing activities section of the statement of cash flows increases.

Stockholders' equity on the balance sheet decreases.