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Blue Sky Corporation reported on its 2023 Statement of Cash Flows that it paid $78,500 for interest. The company reported $83,200 of Interest Expense on the 2023 Income Statement. The balance in Interest Payable on the 2023 Balance Sheet was $14,300. What was the balance in Interest Payable on the 2022 Balance Sheet? a) $4,700 b) $9,600 c) $14,300 d) $19,000

Blue Sky Corporation reported on its 2023 Statement of Cash Flows that it paid $78,500 for interest. The company reported $83,200 of Interest Expense on the 2023 Income Statement. The balance in Interest Payable on the 2023 Balance Sheet was $14,300. What was the balance in Interest Payable on the 2022 Balance Sheet? a) $4,700 b) $9,600 c) $14,300 d) $19,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 6EB: Use the following excerpts from Indigo Companys balance sheets to determine net cash flows from...
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Blue Sky Corporation reported on its 2023 Statement of Cash Flows that it paid $78,500 for interest. The company reported $83,200 of Interest Expense on the 2023 Income Statement. The balance in Interest Payable on the 2023 Balance Sheet was $14,300. What was the balance in Interest Payable on the 2022 Balance Sheet? a) $4,700 b) $9,600 c) $14,300 d) $19,000
Transcribed Image Text:Blue Sky Corporation reported on its 2023 Statement of Cash Flows that it paid $78,500 for interest. The company reported $83,200 of Interest Expense on the 2023 Income Statement. The balance in Interest Payable on the 2023 Balance Sheet was $14,300. What was the balance in Interest Payable on the 2022 Balance Sheet? a) $4,700 b) $9,600 c) $14,300 d) $19,000
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