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

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)

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.

Multiple Choice QuestionJarek runs a small manufacturing company. He thinks over the next year he might need to borrow approximately $25,000 for upgrades to his business. He has decided to make an arrangement with the bank for (a) _____, which will allow him to borrow various amounts over time, not to exceed $25,000, if he needs it.Multiple choice question.credit cardline of creditsecured loantrade credit

A shopkeeper with an overdraft facility at 18 percent with a bank borrowed ` 15000 on Jan 8, 2011 and returned the money on June 3, 2011 so as to clear the debt. The amount that he paid was

A restaurant borrows $15,700 from a local bank for 2 months. The local bank charges simple interest at an annual rate of 10% for this loan. Assume each month is 112 of a year. Answer each part below.Do not round any intermediate computations, and round your final answers to the nearest cent.