In its 20x3 financial statements, cris co. reported interest expense of $85,000 in its income statement and cash paid for interest of $68,000 in its cash flow statement. there was no prepaid interest or interest capitalization either at the beginning or end of 20x3. accrued interest at december 31, 20x2, was $15,000. what amount should cris report as accrued interest payable in its december 31, 20x3, balance sheet?
a) $2,000b) $15,000c) $17,000d) $32,000

The answer is: D) $32,000

Explanation:

In 20x3, Cris. Co. paid in cash $68,000 for interest, including $15,000 of interest from 20x2.

The amount of cash paid for 20x3 interests = $68,000 - $15,000 = $53,000

Interest payable = interest expense 20x3 - cash paid for 20x3 interests

interest payable = $85,000 - $53,000 = $32,000

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