Interest Receivable on January 1 Is $5,000

question 83

Essay

Interest receivable on January 1 is $5,000. During the current year interest revenue is $65,000, and cash receipts from interest is $60,000. How much is the balance of Interest Receivable on December 31?

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Definitions:

Budget Constraint

The limitation on the consumption of goods and services imposed by a consumer's income and the prices of those goods and services.

Income

The total amount of money received by an individual or group over a specific time period, coming from various sources like wages, investments, or government assistance.

Apples

Edible fruits produced by an apple tree, characterized by their sweet taste and crisp texture, consumed worldwide.

Bananas

Edible fruits from plants of the genus Musa, commonly enjoyed worldwide and known for their nutritional value.