(Answered) 1 anna makes a 27000 90-day 7 cash loan to bobs kitchen

Management Studies

1. Anna makes a $27,000, 90-day, 7% cash loan to Bob's Kitchen Repair. Required: (1) Prepare the journal entry to record this transaction. (2) What is the amount of interest that Anna will collect on the loan?

2.Abroard, LLC is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Retained earnings balance at the beginning of the year $310,000

Cash dividends declared for the year $35,000

Proceeds from the sale of equipment $85,000

Gain on the sale of equipment $4,500

Cash dividends payable at the beginning of the year $22,000

Cash dividends payable at the end of the year $30,000

Net income for the year $98,000

What is the ending balance in retained earnings?

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Business Management, Management Studies

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