Chad Matson started a design company on January 1, 2013. On April 1, 2013, Matson borrowed cash
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Answer the following questions.
a. What is the amount of total liabilities on the December 31, 2013, balance sheet?
b. What is the amount of net income on the 2013 income statement?
c. What is the amount of cash flow from operating activities on the 2013 statement of cash flows?
d. Provide the general journal entries necessary to record issuing the note on April 1, 2013; recognizing accrued interest on December 31, 2013; and repaying the loan on March 31, 2014.
Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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