The Earnings Statement of Waylon Taylor Textiles Ltd $20 \times 7$

question 80

Multiple Choice

The earnings statement of Waylon Taylor Textiles Ltd. for $20 \times 7$ included the following items:

$\begin{array}{|l|r|}\hline \text { Interest revenue } & \$ 75,500 \\\hline \text { Salaries expense } & \$ 65,000 \\\hline \text { Insurance expense } & \$ 9,600 \\\hline\end{array}$

The following balances have been excerpted from the company's Statement of Financial Position:

$\begin{array}{|l|r|r|}\hline & \text { December 31, 20X7 } & \text { December 31, 20X6 } \\\hline \text { Accrued interest receivable } & \$ 9,100 & \$ 7,500 \\\hline \text { Accrued salaries payable } & \$ 8,900 & \$ 4,200 \\\hline \text { Prepaid insurance } & \$ 1,100 & \$ 1,500 \\\hline\end{array}$
-How much cash did WTT receive for interest during 20X7?

• A) $75,500
• B) $77,100
• C) $73,900
• D) $66,400

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