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Determine the effect of the following transactions on the identified financial statement components and ratios.Code your answers as follows:
A: If the transaction results in an increase in the financial statement component or ratio.
B: If the transaction results in a decrease in the financial statement component or ratio.
C: If the transaction does not affect the financial statement component or ratio.
Transaction 1: A company acquired land by signing a long-term note payable.
Property,plant,and equipment _____
Total asset turnover ratio _____
Net profit margin ratio _____
Return on assets ratio _____
Transaction 2: Cash was used to pay a current liability.
Net income _____
Total asset turnover ratio _____
Net profit margin ratio _____
Return on assets ratio _____
Coral
Marine invertebrates in the class Anthozoa that typically live in compact colonies and are major contributors to the structure of reefs.
Clams
Marine or freshwater mollusks with two shells of equal size that are connected by a hinge, often buried in sand or mud.
Plants
Living organisms belonging to the kingdom Plantae, characterized by photosynthesis, a process that converts light energy into chemical energy.
Insects
Small arthropods belonging to the class Insecta, characterized by a three-part body, compound eyes, and one pair of antennae.
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