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 108

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. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$
Calvert Company remitted to the state government $4,581 in sales taxes that it had collected from its customers. $\begin{array}{|l|l|l|l|l|l|}\text { Assets Liabilities } & \text { Equity } & \text { Revenues } & \text { Expenses } & \begin{array}{c}\text { Net } \\\text { Income }\end{array} & \begin{array}{c}\text { Cash } \\\text { Flow }\end{array}\\\hline&&&\end{array}$

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Definitions:

Single European Market

An integrated market across EU member states allowing for the free movement of goods, services, capital, and labour.

Free Trade

A policy approach where governments do not restrict or impose tariffs on imports and exports between countries, aiming to encourage international trade.

Hispanic Population

A demographic group in the United States and other countries characterized by individuals of Hispanic or Latino origin.

Tariffs

Taxes imposed by a government on imported or exported goods, often to protect domestic industries or to generate revenue.