Chapter6 Buenaventura
Chapter6 Buenaventura
Chapter6 Buenaventura
To record collection:
Cash 200,000
Unearned interest income 30,000
Note receivable 200,000
Interest income 30,000
Innovative Company
Cash 100,000
Note receivable 900,000
Electrical generator 700,000
Gain on sale of equipment (720,540+100,000-700,000) 120,540
Unearned interest income (900,000-(300,000*2.4018) 179,460
Cash 300,000
Notes Receivable 300,000
Requirement1
a.) 2020
b.) 2021
Cash 500,000
Note receivable P500,000
Requirement2
Requirement3
Note receivable
Accrued interest (5,000,000*9%*8/12)
Principal payment of note receivable:
Annual interest
Interest from 7/1/2020 to7/1/2023 880,000
(280,000)
Accrued interest on notes receivable (land) (1/2*280,000)
Total current receivable
600,000
140,000
3,540,000
2pts
2,500,000
2,000,000
2,200,000
6,700,000
Prob. 6-7 Prob. 6-12 Prob. 6-16
1.) A 1.) D 1.) D
2.) B 2.) C 2.) A
3.) B 3.) B
Prob. 6-8 4.) D 4.) A
1.) A
Prob. 6-13 Prob. 6-17
Problem 6-9 1.) A 1.) A
1.) C 2.) C 2.) B
3.) C 3.) C
Prob. 6-10 4.) D 4.) B
1.) A 5.) C
2.) B Prob. 6-14 6.) B
1.) C 7.) D
Prob. 6-11 8.) B
1.) B Prob. 6-15 9.) D
2.) C 1.) D 10.) B
3.) A 2.) D
4.) A