Indicate How Each Event Affects the Elements of Financial Statements

question 59

Essay

Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.You do not need to enter amounts.Enter only one letter for each element.

-On October 1,2015,Kramer Co.issued a one-year discount note with a face value of $100,000 and interest of 6% to the North Star Bank and received cash in the amount of $94,000.

Recognize the role of personal characteristics in career planning.

Understand Holland's theory of career and personality types and its application to self-assessment and career exploration.

Identify the main subdivisions of the geologic timescale and their chronological order.

Understand methods for determining the density of earth materials.

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Definitions:

Promissory Estoppel

A legal principle that prohibits a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise to their detriment.

Statute of Frauds

A legal concept that requires certain types of contracts to be in writing and signed by the party to be charged, in order to be legally enforceable.

Collateral Promise

A collateral promise is a secondary agreement that one party will assume responsibility for another's debt or obligation if that other party fails to fulfill it.

Secondary Obligations

Duties or liabilities that arise not from the primary contract but as a result of ancillary or supplementary agreements or circumstances.