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Maria borrowed 600,000 from BDO on September 1,2023 with note carried an 8% annual rate of interest and was set to mature on February 28,2024. The interest and principal were paid in cash on the maturity date.
Questions: 1. What was the amount of interest expense shown in the 2024 in the income statement? 2. What was the amount of cash that was paid to the bank on February 28,2024 for the principal and interest? 3. What was the amount of interest expense paid in cash in 2023? 4. What was the amount of liabilities shown in the 2023 SFP or balance sheet? 5. What was the amount of interest expense to be recognized in the 2023 statement of income?
Financial Statement Analysis and Preparation
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An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
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Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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