Six events relating to liabilities follow:
a. Paid the liability for interest payable accrued at the end of the last accounting period.
b. Made the current monthly payment on a 12-month installment note payable, including interest and a partial repayment of principal.
c. Issued bonds payable at 98 on March l, 2007. The bonds pay interest March 1 and September 1.
d. Recorded September 1, 2007, interest expense and made semiannual interest payment on bonds referred to in part c.
e. Recorded necessary adjusting entry on December 31, 2007, for bonds referred to in part c.
f. Recorded estimated six-month warranty expense on December 31, 2007.
Indicate the effects of each transaction or adjusting entry on the financial measurements in the five column headings listed below. I:se the code letters I for increase, D for decrease, and NE for no effect.
Transaction | Current Liabilities | Long-Term Liabilities | Net income
| Net Cash Flow from Operating | Net Cash Flow (from All Sources) |
a |
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|
|
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