For questions 1 to 14, choose the answer which indicates the Effect of the trans

Question

For questions 1 to 14, choose the answer which indicates the Effect of the transaction on each of the following accounts. 5. Tom Cooke Inc. acquired S5,000,000 of equipment by issuing Common Increase No Effect No Effect No Effect No Effect Net Income Retained Eanings Total Stockholder's Equity Increase haea creaIncrease Decrease Total Assets Total LiahilitiesNo Effect No Effect Increase Increase No Effect No Effect No Effect No Effect Decrease No Effect Increase Incea No Effect No Effect 6. Gordon Dahlissued 1,000 shares of $100 par preferred stock at par Net Income Retained Eanings Total Stockholder's Equity Total Assets Total LiahilitiesNo Effect Decrase Icease Increase No Effect Increase Increase Increase No Effect No Effect No Effect Increas Increase No Effect No Effect No Effect IncTea No Effect No Effect Decrease No Effect No Effect No Effect Increase Increase 7. Cesar O purchased 100 shares of his own common stock (treasury stock) for $15 per share. He uses the cost No Effect Increase No Effect No Effect No Effect Net Income Retained Eanings Total Stockholder's Equity IncreaseIncrease Dease Decrease Increase No EffectNo Effect No Effect Increase Total Assets Decrease Total LiahilitiesNo Effect Decrse Icease No Effect No Effect 8. Cesar O. sold 50 shares of the treasry stock purchased in the previous problem for $20 per share. Net Income Retained Eanings Total Stockholder's Equity No Effect Increase Increase No Effect No Effect Hea Inc eas Decrease No Effect No Effect Increase Increase No Effect No Effect No Effect Decrease Decrease Increase Increase Total Assets Total Increase No Effect No Effect No Effect

Explanation / Answer

DETAILS QUESTION 5 QUESTION 6 QUESTION 7 QUESTION 8 Net Income No effect No effect No effect No effect Retained Earnings No effect No effect No effect Increase Total Stockholders' Equity Increase Increase Decrease Increase Total Assets Increase Increase Decrease Increase Total Liabilities No effect No effect No effect No effect Option B    E    D    A

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