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?