Husemann Co.'s assets include notes receivable from customers. During fiscal 2019, the amount of notes receivable averaged $45,100, and the interest rate of the notes averaged 8.4%.Prepare a horizontal model that accrues the interest revenue earned from the notes. (Use amounts with + for increases and amounts with – for decreases)
Balance Sheet |
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Assets |
= |
Liabilities |
Stockholders’ Equity |
Net income = |
Revenues |
- |
Expenses |
|||
|
$ |
Note Receivable |
$ |
Note Receivable |
|
|
|
Note receivable = $45,100
Interest rate = 8.4%
Interest revenue= Note receivable x Interest rate
= 45,100 x 8.4%
= $3,788 (Rounded to whole dollar )
Balance Sheet |
||||||||||
Assets |
= |
Liabilities |
Stockholders’ Equity |
Net income = |
Revenues |
- |
Expenses |
|||
Interest receivable |
$3,788 |
$ |
Interest revenue |
$3,788 |
|
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Husemann Co.'s assets include notes receivable from customers. During fiscal 2019, the amount of notes receivable...
Husemann Co.'s assets include notes receivable from customers. During fiscal 2019, the amount of notes receivable averaged $45,100, and the interest rate of the notes averaged 8.4%. b-2. Prepare a horizontal model to show the collection of this amount. (Use amounts with + for increases and amounts with – for decreases) Balance Sheet Income Statement Assets = Liabilities + Stockholder's Equity ← Net Income = Revenues − Expenses ← ← Cash Depreciation expense Interest receivable Interest revenue Note receivable
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