Q. No 1 (A) Ms. Shehzad want to start an online business of selling jewelry. However, she doesn't have enough capital. She has two choices, either to ask another partner to join or to get a credit from a bank. In case of partner, she doesn't want the other partner to interfere too much in her affairs. In any case, partner or bank requires financial information to be transmitted from her. The problem is that she doesn't know accounting too much. Can you help her to summarize what she should know that will help her to make a decision regarding her choice? What you want to explain her regarding the process in generating financial information. (10) 78000 Q. No. 1 (B). The income statement of ABC Company included the following expenses for 2016, Rent Expense Interest Expense Salaries Expense 124500 Listed below are the related balance sheet accounts balances at year end and for last year and this year, Current Year 11700 Last Year 1350 114000 Prepaid Rent Interest Payable 1800 Salaries Payable 7500 Instructions: a. Compute the cash paid for rent during the year. b. Compute the cash paid for interest during the year. c. Compute the cash paid for salaries during the year