chpt 7 hw sol

chpt 7 hw sol - Chapter 7 Homework Solutions Exercise 7-10...

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Chapter 7 Homework Solutions Exercise 7-10 Requirement 1 June 30, 2006 Note receivable. .......................................................... 30,000 .............................................................. Sales revenue ......................................................................... 30,000 December 31, 2006 Interest receivable. ...................................................... 900 ............................................. Interest revenue ($30,000 x 6% x 6 / 12 ) ...................................................................................................................... 900 March 31, 2007 Cash [$30,000 + ($30,000 x 6% x 9 / 12)] ............................ 31,350 ............................................. Interest revenue ($30,000 x 6% x 3 / 12 ) ...................................................................................................................... 450 ................... Interest receivable (accrued at December 31) .............................................................................. 900 .......................................................... Note receivable ......................................................................... 30,000 Requirement 2 2006 income before income taxes would be understated by $900 2007 income before income taxes would be overstated by $900.
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Exercise 7-11 Requirement 1 June 30, 2006 Note receivable (face amount) ....................................... 30,000 .......................... Discount on note receivable ($30,000 x 8% x 9 / 12 ) .................................................................................... 1,800 ............................................. Sales revenue (difference) ......................................................................... 28,200 December 31, 2006 Discount on note receivable . ..................................... 1,200
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This note was uploaded on 07/08/2009 for the course ACCT 351 taught by Professor Staff during the Spring '08 term at George Mason.

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chpt 7 hw sol - Chapter 7 Homework Solutions Exercise 7-10...

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