Question

The income statement of Sheffield Corp. for 2020 included the following items: Interest revenue $137000 Salaries and wages expense 218000 Insurance expense 23100 The following balances have been excerpted from Sheffield Corp.'s balance sheets:

December 31, 2014 December 31, 2013,
Interest receivable $18,200 $15,000
Salaries and wages Payable $17,800 $8,400
Prepaid Insurance $2,200 $3,000
The cash received for interest during 2014 was:____.
a. $121,000.
b. $102,800.
c. $117,800.
d. $124,200.

Answer 1

$133,800

Step-by-step explanation:

Calculation for The cash received for interest during 2014

Using this formula

2014 Cash received for interest=Interest revenue-2014 Interest receivable+2013 Interest receivable

Let plug in the formula

2014 Cash received for interest=$137,000-$18,200+ $15,000

2014 Cash received for interest=$133,800

Therefore The cash received for interest during 2014 was:$133,800