On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 9 per interest. Required: a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? Note: For all requirements, round your answers to the nearest dollar amount. Answer is not complete. a. b. C. d. e. f. Interest income Receivables Cash used in investing activities Interest income Cash Cash provided by operating activities ✓ f. Cash provided by investing activities g. Interest earned

On September 14, Jennifer Rick went to Park Bank to borrow $3,000 at 8.5% interest. Jennifer plans to repay the loan on January 27. Steven Linden met Jennifer Rick at Park Bank and suggested she consider the loan on exact interest. Calculate the loan for Jennifer under this assumption

10) Furniture Co. owed $880.00 for merchandise plus $20.00 for insurance. The bill was due on May 6 and the owner found he was unable to pay it. To keep a good credit rating, he decided to borrow the necessary amount from a bank that charged 9% discount. The maturity date for the loan was July 5. a) How much must he repay the bank? b) What was the cost of borrowing?

Riley Company borrowed $50,000 on April 1, Year 1 from Titan Bank. The note issued by Riley carried a one-year term and a 7% annual interest rate. Riley earned cash revenues of $1,160 during Year 1 and $1,800 during Year 2. Assume no other transactions. Based on this information alone, what is the amount of net income (loss) that will be reported on the Year 2 income statement? Multiple Choice O O $875 $925 $(50) O $2,675

Carla borrowed $1010.00 from the Central Bank at 8.8% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $220.00 per month. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment S1010.00 1 $1010.00 $220.00

Develop a cash flow statement Majed is preparing a statement of cash flows for his second year of trading. Majed's bank decided to charge 10% interest on his loan to the business of JD 500 starting year 2. Majed paid this amount in cash during the year. The following information is available: Year 2 (JD) Year 1 (JD) Trade receivables 1,120 600 Prepayments 243 243 Trade payables 645 45 Accruals 420 270 Inventories 1000 400 Profit before tax 3,750 1,115 Depreciation expense Interest paid 150 75 50 Profit on disposal of asset 45 Required: • Determine the Cash flows from operating activities (year 2)

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The financial statements of the Tigger Manufacturing Company reports net sales of $560,000 and net accounts receivable of $132,000 and $92,000 at the beginning of the year and end of year, respectively. If Tigger normally extends credit terms of 2/10, n/45 to his customers, is Tigger doing a good job of collecting cash payments from his customers? no O yes

1. What is the current balance that Joe Doe owes? $1270.54 2.What is the total amount that Joe charged for this billing cycle? a. List the purchases that Joe made. 3. How much did Joe pay for his last payment? 4. Why was Joe charged $35 by the credit card company? 5. How much interest was Joe charged for this month? 6. What is the credit limit that Joe has for this credit card? a. What is Joe’s available credit? 7. What is APR for purchases for this credit card? 8. What is the minimum payment amount that Joe must make? 9. When is the due date for Joe to make a payment? 10. Did Joe take a cash advance on this credit card? 11.Why did you think the federal government requires that financial institutions place a “Total Minimum Payment Warning” on all credit card statements?

Casio adheres to ASPE. Casio Corp.'s transactions for the year ended December 31, 2020 included the following: 1. Purchased land for $275,000 cash. 2. Borrowed $275,000 from the bank on a long-term note. 3. Sold long-term investments for $250,000. 4. Accounts receivable decreased by $50,000. 5. Paid cash dividends of $300,000. 6. Issued 1,000 common shares for $125,000. 7. Purchased machinery and equipment for $62,500 cash. 8. Accounts payable increased by $100,000. The cash used in investing activities for 2020 was $(337,500). $(25,000). O $(187,500). O s(87,500).