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 67

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. $$\text { Increase } = \mathrm { I } \quad \text { Decrease } = \mathrm { D } \quad \text { No Effect } = \mathrm { N }$$
Hamilton Mining Company recognized $2,000,000 of depletion expense. $\begin{array}{|l|l|l|l|l|l|}\text { Assets Liabilities } & \text { Equity } & \text { Revenues } & \text { Expenses } & \begin{array}{c}\text { Net } \\\text { Income }\end{array} & \begin{array}{c}\text { Cash } \\\text { Flow }\end{array}\\\hline&&&\end{array}$

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Definitions:

Biomass Energy

Energy produced by burning organic materials, such as wood, agricultural crops, or animal waste.

Developing Countries

Nations with a lower level of industrialization, lower living standards, and lower Human Development Index (HDI) compared to developed countries.

OPEC

The Organization of the Petroleum Exporting Countries, an intergovernmental organization coordinating the petroleum policies of its member countries.

Global Supplies

The total availability of goods, commodities, or resources considered at a global scale, affecting markets, economies, and international trade.