Norman Co. borrowed \($15,000\) from the local bank on April 1, 2008, when the company was started.

The note had an 8 percent annual interest rate and a one-year term to maturity. Norman Co. recognized \($42,000\) of revenue on account in 2008 and \($56,000\) of revenue on account in 2009. Cash collections from accounts receivable were \($38,000\) in 2008 and \($58,000\) in 2009. Norman Co. paid \($26,000\) of salaries expense in 2008 and \($32,000\) of salaries expense in 2009. Repaid loan and interest at maturity date.

Required:

a. Organize the information in accounts under an accounting equation.

b. What amount of net cash flow from operating activities would Norman report on the 2008 cash flow statement?

c. What amount of interest expense would Norman report on the 2008 income statement?

d. What amount of total liabilities would Norman report on the December 31, 2008, balance sheet?

e. What amount of retained earnings would Norman report on the December 31, 2008, balance sheet?

f. What amount of cash flow from financing activities would Norman report on the 2008 statement of cash flows?
g. What amount of interest expense would Norman report on the 2009 income statement?
h. What amount of cash flows from operating activities would Norman report on the 2009 cash flow statement?
i. What amount of total assets would Norman report on the December 31, 2009, balance sheet?