1.) Your Corporation started a consulting business on January 1, 2019 by issuing $7,000 of common stock. What was net income for the year given the following events ? Provided services on account , $ 25,000 . Incurred $12,000 of operating expense on account . Purchased $7,000 of supplies . Paid $5,000 of its accounts payable . Collected $ 9,000 of the revenue that was previously recorded on account . Performed $11,000 of work for cash. Recognized $4,000 of supplies expense . Paid a cash dividend of $ 2,000 to the stockholders .

a. $19,000 B. $20,000 C. $33,000

D. $24,000

E. $22,000

2.) Company borrowed $ 45,000 on September 1, 2019 from the National Bank . The company agreed to pay interest annually at the rate of 4% per year. Your Company will repay the principal and ALL the interest at the end of 12 months on August 31, 2020. How much interest must be recorded for 2020 ? $ 600

$ 900

$1,800

$1,200

$ 150

3) Your Corporation started a consulting business on January 1, 20 2019 by issuing $7,000 of common stock What was net cash flow from operating activities? Provided services on account , $25,000. Incurred $11,000 of operating expense on account. Purchased $7,000 of supplies . Paid $ 5,000 of its accounts payable . Collected $9,000 of the revenue that was previously recorded on account . Performed $15,000 of work for cash. Recognized $2,000 of supplies expense. Paid a cash dividend of $4,000 to the stockholders.

A. $12,000

B. $8,000

C. $10,000

D. 14,000

E. 17,000