Question: only needing help with Required A and B2 please and thank you. A partial amortization schedule for a 10-year note payable issued on January 1,

only needing help with Required A and B2 please and thank you.
only needing help with Required A and B2 please and thank you.
A partial amortization schedule for a 10-year note payable issued on January
1, Year 1, is shown next: Accounting Period Year 1 Year 2

A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next: Accounting Period Year 1 Year 2 Year) Principal Balance January 1 $350,000 322, 173 292,955 Cash Payment $45,327 45,327 45,327 Applied to Interest $17,500 16,109 14,648 Applied to Principal $27,827 29,218 30,679 Required a. Using a financial statements model, record the appropriate amounts for the following two events: (1) January 1, Year 1, Issue of the note payable. (2) December 31, Year 1, payment on the note payable. b. If the company earned $92,000 cash revenue and paid $60,000 in cash expenses in addition to the interest in Year 1, what is the amount of each of the following? (1) Net Income for Year 1. (2) Cash flow from operating activities for Year 1. (3) Cash flow from financing activities for Year 1. c. What is the amount of interest expense on this loan for Year 4? Financial Statements Model Balance Sheet Income Statement Statement of Cash Flows Assets Llabilities Revenue Expenses Net Income . 0 0 Stockholders Equity 0 (17,500) 0 350,000 (45.327) = 0 350,000 (27,827) : + 0 (17.500) 17,500 ol 350.000 PA 45,327 FA 0 0 . 0 If the company earned $92,000 cash revenue and paid $60,000 in cash expenses in addition to the interest in Year 1, the amount of Cash flow from operating activities for Year 1? (Amounts to be deducted and cash outflows should be in with minus sign.) Cash flows from operating activities: Inflow from customers Outflow for expenses $ 92,000 (32,000) 0 60,000 $ $ Net cash flow from operating activities

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!