What is interest expense example?
For example, if a business pays $100 in interest on a loan and earns $10 in interest from a savings account, then there are more expenses than income and the line item could be Interest Expense – Net for $90.
What is interest expense Meaning?
An interest expense is the cost incurred by an entity for borrowed funds. Interest expense is a non-operating expense shown on the income statement. It represents interest payable on any borrowings—bonds, loans, convertible debt or lines of credit.
Where is the interest expense?
Interest expense usually appears below the EBIT (Earnings Before Interest and Taxes) as a separate line on the income statement.
What type of account is interest expense?
First, interest expense is an expense account, and so is stated on the income statement, while interest payable is a liability account, and so is stated on the balance sheet. Second, interest expense is recorded in the accounting records with a debit, while interest payable is recorded with a credit.
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