ework Saved A partial amortization schedule for a 10-year note payable that Mabry Company issued on January 1, Year 1, is shown as follows. Accounting Period Year 1 Year 2 Year 3 Principal Balance January 1 $200,000 184,826 168,742 Cash Payment $27, 174 27,174 27,174 Applied to Interest $12,000 11,090 10, 125 Applied to Principal $15,174 16,084 17,049 Required a. What rate of interest is Mabry Company paying on the note? b. 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. (2) December 31, Year 1, payment on the note payable. c. If the company earned $62,000 cash revenue and paid $45,000 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. d. What is the amount of interest expense on this loan for Year 4? 05 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Using a financial statements model like the one shown, record the appropriate amounts for the following two events: (Enter any decreases to aco balances and cash outflows with a minus sign. In the Cash Flows column, designate the cash flows as operating activities (OA), investing activities financing activities (FA), or if there is no effect, leave the cell blank. Not all cells will require entry.) (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment on the note payable. Show MacBook Air 4 Check oluery UE UM peyoure. (2) December 31, Year 1. payment on the note payable. c. If the company earned $62,000 cash revenue and pald $45,000 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. d. What is the amount of interest expense on this loan for Year 47 ook Complete this question by entering your answers in the tabs below. at Required A Required B Required C Required D Using a financial statements model like the one shown, record the appropriate amounts for the following two events: (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flows column, designate the cash flows as operating activities (OA), Investing activities (IA), financing activities (FA), or if there is no effect, leave the cell blank. Not all cells will require entry.) (1) January 1, Year 1, Issue of the note payable. (2) December 31, Year 1, payment on the note payable. Show less Balance Sheet MABRY COMPANY Horizontal Statements Model Income Statement Stockholder's Revenue Expense Net Income Equity Event No. Statement of Cash Flows Assets Liabilities 200,000+ 1. 2. 200,000 (27,174) 200,000FA FA CON - Yahoo Search Results mework Seved a. What rate of interest is Mabry Company paying on the note? b. 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. (2) December 31, Year 1, payment on the note payable. c. If the company earned $62,000 cash revenue and paid $45,000 in cash expenses in addition to the interest in Year 1, 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. d. 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 B Required C Required D If the company earned $62,000 cash revenue and paid $45,000 in cash expenses in addition to the Interest in Year 1, what is the amount of each of the following? (Cash outflows should be indicated with a minus sign.) (1) Net income for Year 1 $ 5,000 (2) Cash flow from operating activities for Year 1 (3) Cash flow from financing activities for Year 1
