Reference no: EM13925312
Talladega Enterprises borrowed $32,000 from a local bank on July 1, 2013, when the company was started. The note had a 10 percent annual interest rate and a one-year term to maturity. Talladega Enterprises recognized $61,500 of revenue on account in 2013 and $70,600 of revenue on account in 2014. Cash collections of accounts receivable were $54,300 in 2013 and $69,800 in 2014. Talladega paid $38,000 of other operating expenses in 2013 and $42,000 of other operating expenses in 2014. Repaid the loan and interest at the maturity date.
Required: Based on this information, answer the following questions. (Hint: Record the events in the accounting equation before answering the questions.)
a. What amount of interest expense would Talladega report on the 2013 income statement?
b. What amount of net cash flow from operating activities would Talladega report on the 2013 statement of cash flows?
c. What amount of total liabilities would Talladega report on the December 31, 2013, balance sheet?
d. What amount of retained earnings would Talladega report on the December 31, 2013, balance sheet?
e. What amount of net cash flow from financing activities would Talladega report on the 2013 statement of cash flows?
f. What amount of interest expense would Talladega report on the 2014 income statement?
g. What amount of net cash flow from operating activities would Talladega report on the 2014 statement of cash flows?
h. What amount of total assets would Talladega report on the December 31, 2014, balance sheet?
i. What amount of net cash flow from investing activities would Talladega report on the 2014 statement of cash flows?
j. If Talladega Enterprises paid a $2,000 dividend during 2014, what retained earnings balance would it report onthe December 31, 2014, balance sheet?
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