Window World Company's income statement for the year ending December 31, 2024 included the following items: Interest revenue $65,500Salaries expense 85,000Cost of goods sold 217,600The company's comparative balance sheets included the following: 31-Dec-2431-Dec-23Interest receivable $9,100 $7,500Salaries payable 8,900 4,200Accounts payable 12,700 10,900Inventory 36,100 32,500What amount of cash was received for interest revenue during 2024? Select one:$65,500$63,900$67,100$56,400

The objective of the question is to calculate the amount of cash received for interest revenue…

Answered: Window World Company's income…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Window World Company's income statement for the year ending December 31, 2024 included the following items:

Interest revenue	$65,500
Salaries expense	85,000
Cost of goods sold	217,600

The company's comparative balance sheets included the following:

		31-Dec-24	31-Dec-23
Interest receivable	$9,100	$7,500
Salaries payable	8,900	4,200
Accounts payable	12,700	10,900
Inventory	36,100	32,500

What amount of cash was received for interest revenue during 2024?

Select one:

$65,500

$63,900

$67,100

$56,400

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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