U.S. Congress has given the Securities Exchange Commission the power to promulgate accounting standards

On January 1, Year 1, Needham, Inc., borrowed $10,000 at 6% for four years. The note requires annual payments of $2,886 on December 31 of each year. For each item, select the amount as of or for the Year Ended December 31, Year 1, in the column of the one financial statement where the amount is found. What is Payment of Note Payable principal?

A. (7,200); Income Statement B. (2,286); Income Statement C. (600); Income Statement D. (300); Income Statement E. (600); Statement of Cash Flows - Operating Activities F. 7,714; Statement of Cash Flows - Operating Activities G. (2,886); Statement of Cash Flows - Financing Activities H. (2,286); Statement of Cash Flows - Financing Activities I. (600); Balance Sheet J. 7,114; Balance Sheet K. 7,714; Balance Sheet

On December 1, the board of directors of Buy & Large, Inc., declared a cash dividend of $2 per share on the 300,000 common shares outstanding on record at December 31, payable January 10 of the following year. No other dividends were declared in either year. Show the effect on the accounting equation of the entry to be recorded on January 10. What happened to SE?

A. (600,000) Treasury Stock B. (600,000) Paid-in Capital in Excess of Par C. 600,000 Dividends Payable D. 600,000 Common Stock E. (600,000) Common Stock F. (600,000) Dividends G. 600,000 Cash H. (600,000) Cash I. 0 No Effect J. (600,000) Dividends Payable