Interest revenue for the current year is $100,000

Accounting Jan 16, 2021

Interest revenue for the current year is $100,000. Interest payable inr„roed $41,000 during the year and Interest receivable increased $000 during the year. No discount or premium was amortized What is the cash received tor interest revenue?
O A. $45,000 o B. $59,000 O C. $155,000 o D. $100,000

Expert Solution

Computation of Cash Received for Interest Revenue:

Cash Received for Interest Revenue = Interest Revenue for Current Year - Interest Receivable Increased during the Year

= $100,000 - $55,000

Cash Received for Interest Revenue = $45,000

So, the correct option is A "$45,000".

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