On March 1, 2012, Jasons Deli loaned $12,000 to Mark Johnson for one year at 5 percent

Question:

On March 1, 2012, Jason’s Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest.

Required
Answer the following questions.
a. What is Jason’s interest income for 2012?
b. What is Jason’s total amount of receivables at December 31, 2012?
c. What amounts will be reported on Jason’s 2012 statement of cash flows?
d. What is Jason’s interest income for 2013?
e. What is the total amount of cash that Jason’s will collect in 2013 from Mark Johnson?
f. What amounts will be reported on Jason’s 2013 statement of cash flows?
g. What is the total amount of interest Jason’s Deli earned from the loan to Mark Johnson?