Homework Answers
Exercise 2-13B
a. Interest payable = $10000 x 9% x 4/12 = $300
b. Interest expense = $300
c. Interest paid = $0
d.
| Connelly Company | ||||||||||||||||
| Statements Model for Year 1 | ||||||||||||||||
| Balance Sheet | Income Statement | Statement of | ||||||||||||||
| Assets | = | Liabilities | + | Stk. Equity | Rev. | - | Exp. | = | Net Inc. | Cash Flows | ||||||
| Event | Cash | = | Notes Payable | + | Int. Payable | + | Common Stock | + | Retained Earnings | |||||||
| 1 | 6200 | = | NA | + | NA | + | NA | + | 6200 | 6200 | - | NA | = | 6200 | 6200 | OA |
| 2 | 10000 | = | 10000 | + | NA | + | NA | + | NA | NA | - | NA | = | NA | 10000 | OA |
| 3 | NA | = | NA | + | 300 | + | NA | + | -300 | NA | - | 300 | = | -300 | NA | |
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