Southview Company's interest revenue for the period is $28,000 and the beginning and ending interest receivable balances are $2,640 and $11,800,respectively,cash received for interest is:

Question

Quizplus · Accepted Answer

Increase in Interest Receivable = Ending balance − Beginning balance
= $11,800 − $2,640 = $9,160
Cash received for interest = Interest revenue − Increase in interest receivable
= $28,000 − $9,160 = $18,840

Southview Company's Interest Revenue for the Period Is $28,000 and the Beginning