The following balances have been excerpted from Tito Piccolo's statement of financial position: Prepaid Insurance Interest Receivable Salaries Payable Accounts Receivable December 31 January 1 P 6,000 P 7,500 3,700 14,500 61.500 53,000 550.000 415.000 Allowance for bad debts 40.000 25,000 Tito Piccolo Company reported the following during 2020 the following items: Insurance premiums paid Interest collected Salaries paid Sales 41,500 123,500 481,000 1,980,000 How much is the interest revenue on the income statement for 2020? (no peso sign, no comma, whole number only)
The following balances have been excerpted from Tito Piccolo's statement of financial position: Prepaid Insurance Interest Receivable Salaries Payable Accounts Receivable December 31 January 1 P 6,000 P 7,500 3,700 14,500 61.500 53,000 550.000 415.000 Allowance for bad debts 40.000 25,000 Tito Piccolo Company reported the following during 2020 the following items: Insurance premiums paid Interest collected Salaries paid Sales 41,500 123,500 481,000 1,980,000 How much is the interest revenue on the income statement for 2020? (no peso sign, no comma, whole number only)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following balances have been excerpted from Tito Piccolo's statement of financial position :
Prepaid Insurance
Interest Receivable
Salaries Payable
Accounts Receivable
December 31
January 1
P
6,000
P
7,500
3,700
14,500
61.500
53,000
550.000
415.000
Allowance for bad debts
40.000
25,000
Tito Piccolo Company reported the following during 2020 the following items:
Insurance premiums paid
Interest collected
Salaries paid
Sales
41,500
123,500
481,000
1,980,000
How much is the interest revenue on the income statement for 2020? (no peso sign, no comma, whole number only)
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