A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, Year 1, is shown as follows. Principal Accounting Balance Cash Period Year 1 Year 2 Year 3 Event No. January Payment 1 S 1. 2 133,000 110,329 85,844 Assets Applied to Interest Principal Applied to Required What rate of interest is Mabry Company paying on the note? Using a financial statements model like the one shown, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. Balance Sheet Liabilities $ (2) December 31, Year 1, payment on the note payable. If the company earned $96,000 cash revenue and paid $57,600 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. What is the amount of interest expense on this loan for Year 4? 33,311 33,311 33,311 MABRY COMPANY Horizontal Statements Model Stockholder's Equity $ 10,640 8,826 6,868 Revenue $ 22,671 24,485 26,443 Income Statement Expense Net Income Statement of Cash Flow

A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, Year 1, is shown as follows. Principal Accounting Balance Cash Period Year 1 Year 2 Year 3 Event No. January Payment 1 S 1. 2 133,000 110,329 85,844 Assets Applied to Interest Principal Applied to Required What rate of interest is Mabry Company paying on the note? Using a financial statements model like the one shown, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. Balance Sheet Liabilities $ (2) December 31, Year 1, payment on the note payable. If the company earned $96,000 cash revenue and paid $57,600 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. What is the amount of interest expense on this loan for Year 4? 33,311 33,311 33,311 MABRY COMPANY Horizontal Statements Model Stockholder's Equity $ 10,640 8,826 6,868 Revenue $ 22,671 24,485 26,443 Income Statement Expense Net Income Statement of Cash Flow

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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