Up-a-Creek, Inc., needed some long-term financing and arranged for a 6-year, $60,000, 12% mortgage loan on January 1, Year 1. Annual payments of $14,594 will be made on December 31 each year. For each item, select the amount as of or for the Year Ended December 31, Year 1, in the column of the one financial statement where each amount is found. What is Notes Payable?
A. $(14,594); Statement of Cash Flows (financing activities section)
B. $(7,200); Income Statement
C. $52,606; Balance Sheet
D. $(7,200); Statement of Cash Flows (operating activities section)
E. $45,406; Balance Sheet
F. $(7,394); Statement of Cash Flows (financing activities section)
G. $60,000; Balance Sheet
H. $(7,394); Income Statement
I. $(14,594); Income Statement
Answer: C. $52,606; Balance Sheet
You might also like to view...
Bob uses his own private key to encrypt the message. When Alice receives the ciphertext she finds that she can decrypt it with Bob's public key, thus proving that the message must have been encrypted by Bob
No one else has Bob's private key and therefore no one else could have created a ciphertext that could be decrypted with Bob's public key. Therefore the entire encrypted message serves as a _________ . ? What will be an ideal response?
As discussed in the chapter opening case, the San Francisco Giants are taking advantage of wireless technology to do which of the following?
A) Improve decision making B) Achieve operational excellence C) Implement dynamic ticket pricing D) Perform data analysis E) Enhance fan experience