Homework Answers
Since the company incurred rent expense of $248,000 for the year and thy have paid a sum of $83,000 during the previos year, which means they have to pay a sum $165,000 (248,000 - 83,000) during the year to settle the rent of current year. There is a balance of $95,000 on Prepaid rent account which is paid for next year and the same must have paid over and above the current years obligation. so the total payment reflected in cash flow statement will be $260,000 (165,000 + 95,000).
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Howard Inc. had prepaid rent of $83,000 and $95.000 at the end of 2020 and 2021,...
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