B. Row, Inc. needed some long-term financing and arranged for a 10-year, 100,000, 7 mortgage loan on January 1, 2010. Annual payments of 14,238 will be made on December 31 each year. What effect will the payments have on the accounting equation?
A) Total assets, liabilities and shareholders' equity will all decrease.
B) Only total assets and total liabilities will decrease.
C) Only total assets and total shareholders' equity will decrease.
D) Total liabilities will increase and total shareholders' equity will decrease.
Question 2
A discount offered as an inducement for prompt payment of an invoice is called a(n)
a. trade discount.
b. invoice discount.
c. early discount.
d. cash discount.
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