Indicate how each event affects the horizontal financial statements model. Use the following letters to record your answer in the box shown below. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. You do not need to enter amounts.Increase = I Decrease = D Not Affected = NAOn January 1, Year 1, Ravenswood Company issued a long-term installment note. Show how the issuance of the note affected the financial statements.
Definitions:
Variable Costs
Costs that vary in total dollar amount as the level of activity changes.
Short-Run Price
The price level of goods or services in a market that is determined over a short period, where some costs can be considered fixed.
Special Price
A discounted rate offered for a product or service outside of its standard pricing.
Differential Cost
The difference in total cost that will result from selecting one alternative over another in decision-making processes.
Q2: Indicate how each event affects the elements
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