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 109

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. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$
On December 31, 2014, Washta Company made the annual payment on a long-term note. The payment included a reduction in the principal balance and payment of interest for the year. Show how this annual payment affected Washta's financial statements. $\begin{array}{|l|l|l|l|l|l|}\text { Assets Liabilities } & \text { Equity } & \text { Revenues } & \text { Expenses } & \begin{array}{c}\text { Net } \\\text { Income }\end{array} & \begin{array}{c}\text { Cash } \\\text { Flow }\end{array}\\\hline&&&\end{array}$

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Definitions:

Wireless

Technology that allows for the transmission of data over distances without the need for wires or cables, using electromagnetic waves.

Mobile

Referring to devices or technologies that are portable and can operate wirelessly, allowing for communication and computing on the go.

Satellite TV

A service that delivers television programming to viewers by relaying it from a communications satellite orbiting the Earth directly to the viewer's location.

GEO Satellites

Geostationary Earth Orbit satellites, positioned at approximately 35,786 kilometers above the Earth's equator, moving in the direction of the Earth's rotation, providing consistent coverage to specific areas.