A200 Ch 2 Quiz Version F The following applies to questions 1 3 During June Wylie Company collected 45 000 from customers on account 1 What effect does this transaction have on Wylie s Income Statement for June a b c d e f 2 What effect does this transaction have on Wylie s Statement of Cash Flows for June a b c d e 3 increases net income by 45 000 increases retained earnings by 45 000 decreases net income by 45 000 decreases retained earnings by 45 000 both a and b no effect cash in from operating activities cash in from investing activities cash in from financing activities cash out for operating activities no effect What effect does this transaction have on Wylie s 6 30 13 Balance Sheet a b c d e increases assets 45 000 and increases equity 45 000 increases assets 45 000 and decreases assets 45 000 decreases assets 45 000 and increases equity 45 000 increases assets 45 000 and decreases liabilities 45 000 no effect A200 Ch 2 Quiz Version F Answer Section 1 F 2 A 3 B