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 46

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 January 1, 2014, Ortiz Co. paid $100,000 to retire its bonds payable that matured on that date. Indicate the effects of retiring these bonds. $\begin{array}{|l|l|l|l|l|l|}\text { Assets Liabilities } & \text { Equity } & \text { Revenues } & \text { Expenses } & \begin{array}{c}\text { Net } \\\text { Income }\end{array} & \begin{array}{c}\text { Cash } \\\text { Flow }\end{array}\\\hline&&&\end{array}$

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Definitions:

Associative Play

A stage of play in child development characterized by activity in which children interact by sharing or borrowing toys or materials, but do not yet engage in coordinating the goals or directions of their play.

Solitary Play

Play that occurs when a child plays alone, often engaged in activities that are enjoyable and educational, fostering independence.

Cooperative Play

A stage of play development where children engage in play activities with others, working towards a common goal or activity.

Common Goal

A common goal is an objective shared by a group or individuals, motivating collective effort towards its achievement.