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)
|
Requirement b -2
Balance Sheet | Income Statement | |||||||||||||
Assets | = | Liabilities | + | Stockholder's Equity | ← | Net Income | = | Revenues | − | Expenses | ||||
Cash ($45100 + [45100 x 8.4%]) | $48,888 | $3,788 | ← | $3,788 | Interest Revenue | $3,788 | ||||||||
Notes receivables | ($45,100) |
Answer
Balance Sheet |
Income Statement |
|||||||||||||
Assets |
= |
Liabilities |
+ |
Stockholder's Equity |
← |
Net Income |
= |
Revenues |
− |
Expenses |
||||
Cash ($45100 + [45100 x 8.4%]) |
$48,888 |
$3,788 |
← |
$3,788 |
Interest Revenue |
$3,788 |
||||||||
Notes receivables |
($45,100) |
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