Question

The income statement of XYZ Corporation for 2021 included the following items:

            Interest revenue                                                             $64,800

            Interest expense                                                                5,800

            Salaries expense                                                              91,600

            Insurance expense                                                             8,000

            Rent Revenue                                                                 13,700

XYZ Corporation paid or collected during 2021 the following items:

            Interest collected                                                             65,500

            Interest paid                                                                      4,700  

            Salaries paid                                                                   85,000

            Insurance premiums paid                                                  8,775

            Rent collected                                                                 12,900

The following balances have been excerpted from XYZ Corporation's balance sheet:

                                                                             December 31, 2020

            Accrued interest receivable                                  $9,100                                                                                   

            Accrued salaries payable                                       8,900                                                                                   

            Prepaid insurance                                                  1,100

            Unearned Rent Revenue                                        2,700

            Interest payable                                                    1,800

     

A.  The amount that would be included on the balance sheet for interest receivable at 12/31/21 is: ___________

B. The amount that would be included on the balance sheet for prepaid insurance at 12/31/21 is: ___________

C. The amount that would be included on the balance sheet for unearned rent revenue at 12/31/21 is: ___________

Answer 1