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28 October, 02:56

The income statement of Dolan Corporation for 2014 included the following items:Interest revenue $121,000Salaries and wages expense $180,000Insurance expense $18,200. The following blances have been excerpted from Dolan Corporation's balance sheets:December 31, 2014 December 31, 2013, Interest receivable $18,200 $15,000Salaries and wages Payable $17,800 $8,400Prepaid Insurance $2,200 $3,000The cash received for interest during 2014 was:a. $121,000b. $102,800c. $117,800d. $124,200

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  1. 28 October, 04:09
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    c. $117,800

    Explanation:

    Provided information we have,

    Interest revenue for the year = $121,000

    Opening interest receivable = $15,000

    Closing interest receivable = $18,200

    Therefore, for above

    Interest received during the year = Opening interest receivable + Interest revenue for the year - Closing interest receivables

    = $15,000 + $121,000 - $18,200 = $117,800

    Therefore, correct option is

    c. $117,800
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