[The following information applies to the questions displayed below.]On January 1, Year 1, Mahoney Company borrowed $324,000 cash from Sun Bank by issuing a 5-year, 8% term note. The principal and interest are repaid by making annual payments beginning on December 31, Year 1. The annual payment on the loan equals $81,150.Which of the following shows the effects on the elements of the financial statement of the cash payment on December 31, Year 1? Assets=Liab.+Stk.EquityRevenue?Expense=Net Inc.Stmt. ofCash FlowsA.?=?+-NA?+=??FA/?OAB.?=?+NANA?NA=NA?FAC.?=++-NA?+=??FA/?OAD.?=-+NANA?+=??OA
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
You might also like to view...
If a company distributes stock to employees by granting stock options, employees exercise the option when they
A. liquidate the stock. B. distribute the stock. C. sell the stock. D. retain the stock. E. purchase the stock.
Concept testing typically follows the marketing strategy development phase of the new product development process
Indicate whether the statement is true or false
During the sales presentation, the salesperson should not mention the company's relative position in terms of competition as it may sound too aggressive.
Answer the following statement true (T) or false (F)
Corrigan Company charges cost plus 25%. What is the price of an item with cost equal to $50?
A) $50 B) $200 C) $62.50 D) $60 E) $12.50