Answered: On March 20, 2024, Reddit, Inc. sold…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 18P

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Question

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

Cash increased by $510 million and long-term assets increased by $510 million

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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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