Indicate How Each Event Affects the Elements of Financial Statements $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$

question 44

Short Answer

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. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$
Wilbur Company reissued 200 shares of treasury stock. The treasury stock had been purchased by Wilbur at $40 per share. The shares were reissued at a price of $45 per share. $\begin{array}{|l|l|l|l|l|l|}\text { Assets Liabilities } & \text { Equity } & \text { Revenues } & \text { Expenses } & \begin{array}{c}\text { Net } \\\text { Income }\end{array} & \begin{array}{c}\text { Cash } \\\text { Flow }\end{array}\\\hline&&&\end{array}$

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Definitions:

Production Possibilities

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.).

Labor Hours

The total amount of work time that a worker or workforce expends on producing goods or providing services in a given period.

Pastrami

A seasoned and smoked meat product made from beef, typically enjoyed as a deli sandwich filling.

Milk

A nutrient-rich liquid food produced by the mammary glands of mammals, primarily consumed by humans as a source of nutrition.