question archive A company reported interest expense of $590,000 for the year
A company reported interest expense of $590,000 for the year
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A company reported interest expense of $590,000 for the year. Interest payable was $33,000 and $73,000 at the beginning and the end of the year, respectively. What was the amount of interest paid?
Multiple Choice
- $550,000.
- $623,000.
- $663,000.
- $630,000.
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Interest paid = Opening balance of interest payable +Interest expense reported - Closing balance of interest payable
= $33,000 + $590,000 - $73,000
Interest paid = $550,000
So the amount of Interest paid is $550,000
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