Determining the Effects of Transactions on Balance Sheet, Income Statement, and Statement of Cash Flows Categories – Listed here are selected aggregate transactions for Modern Style Furniture Company from the first quarter of a recent year (dollars in millions). Complete the following tabulation, indicating the sign ( + for increase, – for decrease, and NE for no effect) and amount of the effect of each additional transaction. Consider each item independently.
a. Recorded collections of cash from customers owed on open account of $35.2.
b. Repaid $3.1 in principal on line of credit with a bank with principal payable within one year.
| Transaction | Current Assets | Gross Profit | Current Liabilities | Cash Flow from |
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