Question: How to solve these with steps would be much appreciated! Question 6 The following selected account balances were taken from Monk Company's accounting records during

 How to solve these with steps would be much appreciated! Question

6 The following selected account balances were taken from Monk Company's accounting

records during 2022: January 1, 2022 Utilities payable 13,000 Common stock 39,000

How to solve these with steps would be much appreciated!

Question 6 The following selected account balances were taken from Monk Company's accounting records during 2022: January 1, 2022 Utilities payable 13,000 Common stock 39,000 Inventory 42,000 Long-term notes payable 83,000 Accounts receivable Salaries payable 12,000 Retained earnings 46,000 Accounts payable 75,000 December 31, 2022 7,090 88,800 34,000 67,000 69,000 18,000 65,000 21,000 17,080 The following selected information was taken from Monk Company's 2022 statement of cash flows: Cash paid to purchase inventory Net cash flow - financing activities Cash collected from customers Cash paid for utilities $157,000 11,000 inflow 186,000 28,000 Calculate the amount of net income reported on Monk Company's 2022 income statement. Question 7 On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year note payable that requires annual payments of $24,500 every December 31, beginning December 31, 2019. Assume the loan has an interest rate of 10% compounded annually. Calculate the balance in the note payable account at December 31, 2020. Question 8 On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year note payable that requires annual payments of $24,500 every December 31, beginning December 31, 2019. Assume the loan has an interest rate of 10% compounded annually. Calculate the amount of the note payable at December 31, 2020 that would be classified as a current liability

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