Which of the following is part of interest expenses on the Report of Income Select one: a

Finance Dec 19, 2020

Which of the following is part of interest expenses on the Report of Income Select one: a. Wages, Salaries and Employee Benefits b. Interest Earned on Loans c Service Charges on Deposit Accounts d. Interest on Deposits

Expert Solution

Answer-

The correct option is d. Interest on Deposits.

Interest expense payable on deposits is shown on the income statement. Interest income and expense reflects the amount companies pay on their debt on their deposit accounts

The other Options a,b and c, Wages, salaries and employee benefits and Service charges on deposit account and Interest earned on loans are incorrect options.

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