Required Information

Required A:

Required B1:

Required B2:

Required B3:

Required C:

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 3 Principal Balance January 1 $330,000 307,220 282,618 Cash Payment $49,180 49.180 49,180 Applied to Interest $26.400 24,578 22,609 Applied to Principal $22,780 24, 602 26,571 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 $88,000 cash revenue and paid $58,000 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? (2) December 31, Year 1, payment on the note payable. b. If the company earned $88,000 cash revenue and paid $58,000 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? Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required 63 Required 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) on the note payable. (In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), Investing activity (IA), or financin require input. Amounts to be deducted and cash outflows should be indicated with a minus sign.) Financial Statements Model Balance Sheet Income Statement Event No. Statement of Cash Flows Assets Llabilities Stockholders Equity Revenue Expenses Net Income 1. 2 Reguled Required B1 > Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required C If the company earned $88,000 cash revenue and paid $58,000 in cash expenses in addition to the ir the amount of Net Income for Year 1? Expenses Total expenses Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required If the company earned $88,000 cash revenue and paid $58,000 in cash expenses in addition to the inte the amount of Cash flow from operating activities for Year 1? (Amounts to be deducted and cash outflor with minus sign.) Cash flows from operating activities: Net cash flow from operating activities Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required C If the company earned $88,000 cash revenue and paid $58,000 in cash expenses in addition to the interes the amount of Cash flow from financing activities for Year 12 (Amounts to be deducted should be indicated Cash flows from financing activities: Net cash flow from financing activities (Required B2 Required C > Complete this question by entering your answers in the tabs below. Inces Required A Required B1 Required B2 Required B3 Required C If the company earned $88,000 cash revenue and paid $58,000 in cash expenses in ad the amount of Cash flow from financing activities for Year 12 (Amounts to be deducted Cash flows from financing activities: Net cash flow from financing activities