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I need help with question number 8 Mackie Company borrowed $40,000 on October 1, 2014. Mackie will make no payments on this loan until October
I need help with question number 8
Mackie Company borrowed $40,000 on October 1, 2014. Mackie will make no payments on this loan until October 1, 2017, and at that time Mackie will pay $43,000. Which of the following will correctly state the annual financial statements on December 31, 2016? a Interest expense $1,000: interest payable $1,000 b Interest expense $1,000: interest payable $750 c Interest expense $750: interest payable $2, 250 d Interest expense $1,000: interest payable $2, 250 e Interest expense $2, 250: interest payable $1,000 Which of the following is the correct classifications on the statement of cash flows? a Total operating cash flows includes all receipts and payments for operating activities as well as any b Total investing cash flows includes the cost of all fixed assets purchased as well as the gain or loss on c Total financing cash flows includes cash transactions with stockholders and transactions with bankers for Step by Step Solution
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