7-27 Norman Co borrowed $15,000 from the local bank in April 1 2012 when the company was started. The note has an 8 percent annual interest rate and a one year term maturity. Norman co recognized $42000 of the revenue on account in 2012 and $56,000 of revenue on account in 2013. Cash collections from accounts receivable were $38000 in 2012 and $58000 in 2013. Norman Co paid $26000 of salaries expense in 2012 and $32000 of salaries expense on 2013. Normal Co paid the loan and interest at the maturity date, Required: a) Organize the information in accounts under an accounting equation B) What amount of net cash flow from operating activities would be reported on the 2012 cash flow statement? c) What amount of interest expense would be reported on the 2012 income statement? d) What amount of total liabilities would be reported on the December 31, 2012 balance sheet? e) What amount of retained earnings would be reported on the December 31, 2012 balance sheet? f) What amount of cash flow from financing activities would be reported on the 2012 statement of cash flows? g) What amount of interest expense would be reported on the 2012 income statement? H) What amount of cash flows from operating activities would be reported on the 2013 cash flow statement? I) What amount of assets would be reported on the December 31 2013 balance sheet?
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more