Jack sets up a supermarket on January 1, 2016 that sells groceries in Central Illinois by investing $15,000 of his own money and getting a $30,000 bank loan with a 10% interest rate. The bank loan is payable in six years. The supermarket also has the following transactions in Year 1:I. Purchase a shop for $10,000 cash II. Purchase groceries for $5,000 on credit III. Pay annual insurance premium of $1,000IV. Sale of groceries (originally costing $3,000) for $5,000 in cash V. Pay creditors $4,000 VI. Pay utilities $2,000 VII. Pay employees $2,000 VIII. Pay annual interest of the bank loan What is the net income at the end of Year 1?1 point$6,000$5,000($3,000)($6,000)

1.Question 1Jack sets up a supermarket on January 1, 2016 which sells groceries in Central Illinois by investing $15,000 his own money and getting a $30,000 bank loan with 10% interest rate. The bank loan is payable in 6 years. Also, the supermarket has the following transactions in Year 1: I. Purchase a shop for $10,000 cash II. Purchase groceries for $5,000 on credit III. Pay annual insurance premium of $1,000. IV. Sale of groceries (originally costing $3,000) for $5,000 in cash V. Pay creditors $4,000 VI. Pay utilities $2,000 VII. Pay employees $2,000 VIII. Pay annual interest of the bank loanWhat is the Total Assets ending balance at the end of year 1? 1 point$37,000$30,000$40,000$38,000

Classify each of these transactions as an asset, a liability, or neither for each of the“players” in the money supply process—the federal reserve, banks, and depositors.a. You get a $10,000 loan from the bank to buy an automobile.b. You deposit $400 into your checking account at the local bank.c. The Fed provides an emergency loan to a bank for $1,000,000.d. A bank borrows $500,000 in overnight loans from another bank.e. You use your debit card to purchase a meal at a restaurant for $100.

Classify each of these transactions as an asset, a liability, or neither for each of the “players” in the money supply process—the federal reserve, banks, and depositors. a. You get a $10,000 loan from the bank to buy an automobile. b. You deposit $400 into your checking account at the local bank. c. The Fed provides an emergency loan to a bank for $1,000,000. d. A bank borrows $500,000 in overnight loans from another bank. e. You use your debit card to purchase a meal at a restaurant for $100.

To open a new bakery, Angelica takes out a $15,000 loan from the bank by providing her house as collateral. The type of financing obtained is called aMultiple Choicetrade credit.mutual fund.mortgage.subsidy.

The Arkansas Company makes and sells a product called Product K. Each unit of Product K sells for $25 and has a unit variable cost of $16. The company has the following budgeted data for November:Sales of $1,160,200, all in cash.A cash balance on November 1 of $40,000.Cash disbursements (other than interest) during November of $1,168,000.A minimum cash balance on November 30 of $48,000.If necessary, the company will borrow cash from a bank. The borrowing will be in multiples of $1,000 and will bear interest at 2% per month. All borrowing will take place at the beginning of the month. The November interest will be paid in cash during November.The amount of cash needed to be borrowed on November 1 to cover all cash disbursements and to obtain the desired November 30 cash balance is:Note: Round up your answer to nearest multiple of $1,000.Multiple Choice$17,000.$32,000.$16,000.$31,000.