Calculate the interest revenue on the income statement

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Reference no: EM132202316

Question - Poole Company paid or collected during 2017 the following items:

Insurance premiums paid

$12,400

Interest collected

25,900

Salaries paid

125,200

The following balances have been excerpted from Poole's balance sheets:

 

December 31, 2017

December 31, 2016

Prepaid insurance

$1,200

$1,500

Interest receivable

3,700

2,900

Salaries payable

12,300

10,600

1. The insurance expense on the income statement for 2017 was:

a) $9,700.

b) $12,100.

c) $12,700.

d) $15,100.

e) $12,400.

2. The interest revenue on the income statement for 2017 was:

a) $19,300.

b) $25,100.

c) $26,700.

d) $32,500.

e) $25,900

3. The salary expense on the income statement for 2017 was:

a) $102,300.

b) $123,500.

c) $126,900.

d) $148,100.

e) $125,200.

Reference no: EM132202316

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