In its 20X3 financial statements, Cris Co. reported interest expense of $85,000 in its income statement and cash paid for interest

2 answers
Question:

In its 20X3 financial statements, Cris Co. reported interest expense of $85,000 in its income statement and cash paid for interest of $68,000 in its cash flow statement. There was no prepaid interest or interest capitalization either at the beginning or end of 20X3. Accrued interest at December 31, 20X2, was $15,000. What amount should Cris report as accrued interest payable in its December 31, 20X3, balance sheet

Answers

$32,000

Explanation:

Calculation for the amount of accrued interest payable that should be reported

Using this formula

Accrued interest payable=Interest expenses- (Cash paid for interest -Accrued interest )

Let plug in the formula

Accrued interest payable=$85,000-($68,000-$15,000)

Accrued interest payable=$85,000-$53,000

Accrued interest payable=$32,000

Therefore the amount of accrued interest payable that should be reported will be $32,000

The answer is: D) $32,000

Explanation:

In 20x3, Cris. Co. paid in cash $68,000 for interest, including $15,000 of interest from 20x2.

The amount of cash paid for 20x3 interests = $68,000 - $15,000 = $53,000

Interest payable = interest expense 20x3 - cash paid for 20x3 interests

interest payable = $85,000 - $53,000 = $32,000

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