Calculating the amount of interest income


Response to the following problem:

Flabby Hospital received interest payments of $8,600 during 20X2. Its balance sheets reported accrued interest receivable as follows:

12/31/X1         $1,100

12/31/X2           1,400

Required: What amount should be reported as interest income in the hospital's 20X2 statement of operations?

 

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Financial Accounting: Calculating the amount of interest income
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