Lim Company paid or collected during the current year the following items: Insurance premiums paid P 15,400 Interest collected 30,900 Salaries paid 135,200 The following balances have been excerpted from Lim's balance sheets: December 31 January 1 Prepaid insurance P 1,200 P 1,500 Interest receivable 3,700 2,900 Salaries payable 12,300 10,600 The interest revenue on the income statement for the current year was Group of answer choices P24,300 P31,700 P30,100 P37,500
Lim Company paid or collected during the current year the following items: Insurance premiums paid P 15,400 Interest collected 30,900 Salaries paid 135,200 The following balances have been excerpted from Lim's balance sheets: December 31 January 1 Prepaid insurance P 1,200 P 1,500 Interest receivable 3,700 2,900 Salaries payable 12,300 10,600 The interest revenue on the income statement for the current year was Group of answer choices P24,300 P31,700 P30,100 P37,500
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 7MCQ
Related questions
Question
Lim Company paid or collected during the current year the following items:
|
Insurance premiums paid |
P 15,400 |
|
Interest collected |
30,900 |
|
Salaries paid |
135,200 |
The following balances have been excerpted from Lim's balance sheets:
|
|
December 31 |
January 1 |
|
Prepaid insurance |
P 1,200 |
P 1,500 |
|
Interest receivable |
3,700 |
2,900 |
|
Salaries payable |
12,300 |
10,600 |
The interest revenue on the income statement for the current year was
Group of answer choices
P24,300
P31,700
P30,100
P37,500
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning