Interest Revenue for 2015 is $100,000.Interest Payable increased $40,000 during the year and Interest Receivable increased $50,000 during the year.No discount or premium was amortized.What is the cash received for interest revenue?
A)$50,000
B)$60,000
C)$100,000
D)$150,000

Question

Quizplus · Accepted Answer

Interest Revenue = Cash received for interest + Increase in Interest Receivable - Increase in Interest Payable$100,000 = Cash received for interest + $50,000 - $40,000Cash received for interest = $100,000 - $50,000 + $40,000= $50,000

Interest Revenue for 2015 Is $100,000