On April 1 the ABC Inc. paid $20,400 to Acme Realty for 12 months Rent beginning...
On April 1 the ABC Inc. paid $20,400 to Acme Realty for 12 months Rent beginning May 1. The company did the correct recording on April 1. If financial statements are prepared on December 31st, the rent expense for the year is:
A 20400
B 13600
C 15300
D 11900
Homework Answers
| Working Notes: | ||||
| CALCULTION OF MONTHLY RENT EXPENSES | ||||
| Total Amount Paid | $ 20,400 | |||
| Divide By | "/" By | |||
| No of Months Payment | $ 12 | |||
| Monthly Rent | $ 1,700 | |||
| Monthly Rent Expenses | $ 1,700 | |||
| No. of Month expired from May 1 to Dec 31 = | $ 8 | Months | ||
| Solution: | ||||
| CALCULTION OF RENT EXPENSES OF THE YEAR | ||||
| Rent expenses for the year = | Monthly Rent | "X" | No. of Months | |
| Rent expenses for the year = | $ 1,700 | "X" | 8 | |
| Rent expenses for the year = | $ 13,600 | |||
| Answer = Option B = $ 13,600 | ||||
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