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On March 20, 2024, Reddit, Inc. sold approximately 15 million shares of common stock to outside investors for $34 per share. What was effect of this transaction on Reddit's balance sheet? Shareholders' deficit decreased by $510 million and contra-assets decreased by $510 million O Cash increased by $510 million and long-term assets increased by $510 million O Common stock revenue increased by $510 million and shareholders' equity increased by $510 million Cash increased by $510 million and shareholders' equity increased by $510 million

On March 20, 2024, Reddit, Inc. sold approximately 15 million shares of common stock to outside investors for $34 per share. What was effect of this transaction on Reddit's balance sheet? Shareholders' deficit decreased by $510 million and contra-assets decreased by $510 million O Cash increased by $510 million and long-term assets increased by $510 million O Common stock revenue increased by $510 million and shareholders' equity increased by $510 million Cash increased by $510 million and shareholders' equity increased by $510 million

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On March 20, 2024, Reddit, Inc. sold approximately 15 million shares of common stock to outside investors for $34 per share. What was effect of this transaction on Reddit's balance sheet? Shareholders' deficit decreased by $510 million and contra-assets decreased by $510 million O Cash increased by $510 million and long-term assets increased by $510 million O Common stock revenue increased by $510 million and shareholders' equity increased by $510 million Cash increased by $510 million and shareholders' equity increased by $510 million
Transcribed Image Text:On March 20, 2024, Reddit, Inc. sold approximately 15 million shares of common stock to outside investors for $34 per share. What was effect of this transaction on Reddit's balance sheet? Shareholders' deficit decreased by $510 million and contra-assets decreased by $510 million O Cash increased by $510 million and long-term assets increased by $510 million O Common stock revenue increased by $510 million and shareholders' equity increased by $510 million Cash increased by $510 million and shareholders' equity increased by $510 million
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