the income statement of Buzz corporation for 2020 included the following items interest revenue 141000 salaries...

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the income statement of Buzz corporation for 2020 included the following items interest revenue 141000 salaries...

the income statement of Buzz corporation for 2020 included the following items

interest revenue 141000

salaries and wages expenses 210000

insurance expenses 21200

interest receivable December 31, 2020, 18200 December 31, 2019, 15000

the cash received for interest during 2020 was?

business accounting

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Answer 1

Answer #1

Cash Received for Interest during Year 2020 = Interest Receivable as on Dec 31,2019 + Interest Revenue for Year 2020 - Interest Receivable as on Dec 31,2020

Interest Receivable as on Dec 31,2019 = $ 15,000

Interest Receivable as on Dec 31,2020 = $ 18,200

Interest Revenue for Year 2020 = $ 141,000

Cash Received for Interest during Year 2020 = 15,000 + 141,000 - 18,200

Cash Received for Interest during Year 2020 = $ 137,800

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Answer 2

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the income statement of Buzz corporation for 2020 included the following items interest revenue 141000 salaries...

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