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Howard Inc. had prepaid rent of $75,000 and $80,000 at the end of 2020 and 2021,...
Howard Inc. had prepaid rent of $83,000 and $95.000 at the end of 2020 and 2021,...
Howard Inc. had prepaid rent of $83,000 and $95.000 at the end of 2020 and 2021, respectively. During 2021, Howard recorded $248,000 in rent expense in its income statement. Cash outflows for rent in 2021 were: Multiple Choice $236.000 $248,000. $260,000. $272,000.
Mason Corp. had salarles payable of $60,400 and $91,300 at the end of 2020 and 2021,...
Mason Corp. had salarles payable of $60,400 and $91,300 at the end of 2020 and 2021, respectively. During 2021, Mason recorded $621,400 in salaries expense In Its Income statement. Cash outflows for salaries in 2021 were: Multiple Choice $652,300. $590,500. $530,100. $621,400
On December 31, 2020, Right Angle Manufacturer Co. had a balance in its prepaid Insurance account...
On December 31, 2020, Right Angle Manufacturer Co. had a balance in its prepaid Insurance account оf $57,400. During 2021, $95,000 was paid for Insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid Insurance account was $46,500. Insurance expense for 2021 was: Multiple Choice o $10,900. o $95,000. o $105,900. o $152 400.
A company reports operating expenses of $5 million. Operating expenses include rent expense. Prepaid rent at...
A company reports operating expenses of $5 million. Operating expenses include rent expense. Prepaid rent at the beginning and end of the year is $120,000 and $80,000, respectively. All other operating expenses were paid in cash as incurred. What is the amount of cash paid for operating expenses? Multiple Choice Ο $5,000,000. Ο $5,040,000. 55,000 Ο $4,960,000. Ο $5,080,000.
Covid, Inc. Comparative Balance Sheets December 31, 2020 and 2021 2020 /2021 Cash $12,160 $ 15,200...
Covid, Inc. Comparative Balance Sheets December 31, 2020 and 2021 2020 /2021 Cash $12,160 $ 15,200 Account Receivable 5,400 2,425 Interest Receivable 2,500 2,900 Prepaid Rent 1,020 1,075 Inventory 27,000 20,550 PPE 51,600 38,500 Accumulated Depreciation (13,080) (8,000) Total Assets $86,600 $72,650 Accounts Payable $23,100 $25,000 Wages Payable 2,620 4,050 Dividends Payable 3,100 5,100 Bonds Payable 15,000 10,000 Common Stock 9,000 13,000 Retained Earnings 33,780 15,500 Total Liabilities and Stockholders’ Equity $86,600 $72,650 ----------------------- Covid, Inc. Income Statement For the...
Beginning of vear End of vear 14,000 Accounts receivable Inventories Prepaid insurance Prepaid rent Accounts payable...
Beginning of vear End of vear 14,000 Accounts receivable Inventories Prepaid insurance Prepaid rent Accounts payable Wages payable Unearned rent revenue $10,000 21,000 1,000 2.000 11,000 14,000 9,000 19,000 2,000 1.000 12,000 13,000 7,000 The income statement for the year contains the following: Rent revenue Sales revenue Cost of goods sold Insurance expenSe Rent expense Wages expense 21,000 130.000 80,000 13.000 10,000 35,000 Use the information above to answer the following question. What is the amount of cash paid for...
Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On...
Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was $13,400. Rent expense for 20X2 was $30,000 Required: 1. What amount of cash was paid for rent in 20x2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarem's statement of cash flows? In determining operating cash flow under the indirect method, any increase...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current...
Chamberlain Enterprises Inc. reported the following receivables
in its December 31, 2021, year-end balance sheet:
Current assets:
Accounts receivable, net of $31,000 in allowance for
uncollectible accounts
$
253,000
Interest receivable
7,450
Notes receivable
330,000
Additional Information:
The notes receivable account consists of two notes, a $80,000
note and a $250,000 note. The $80,000 note is dated October 31,
2021, with principal and interest payable on October 31, 2022. The
$250,000 note is dated June 30, 2021, with principal and...
The balance in the Prepaid Rent account before adjustment at the end of the year is...
The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent $16600, credit Rent Expense. $16600 debit Prepaid Rent $8300: credit Rent Expense, $8300 debit Rent Expense, $8300, credit Prepaid Rent. $8300 debit Rent Expense, 516600;credit Prepaid Rent $16600 At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During...
Boulter, Inc., began business on January 1, 2021. At the end of December 2021, Boulter had...
Boulter, Inc., began business on January 1, 2021. At the end of December 2021, Boulter had the following Investments in debt securities: Cost Fair value Trading $60,000 54,000 Available-for-Sale $110,000 107,500 All declines in value are deemed to be temporary in nature. How should the corresponding losses be reflected in the financial statements at December 31, 2021? Income Statement $8,500 Accumulated Other Comprehensive Income in Shareholders' Equity a. b. $6,000 $2,500 $8,500 $2,500 $6,000 Multiple Choice Option a. Option b....
Howard Inc. had prepaid rent of $83,000 and $95.000 at the end of 2020 and 2021, respectively. During 2021, Howard recorded $248,000 in rent expense in its income statement. Cash outflows for rent in 2021 were: Multiple Choice $236.000 $248,000. $260,000. $272,000.
Mason Corp. had salarles payable of $60,400 and $91,300 at the end of 2020 and 2021, respectively. During 2021, Mason recorded $621,400 in salaries expense In Its Income statement. Cash outflows for salaries in 2021 were: Multiple Choice $652,300. $590,500. $530,100. $621,400
On December 31, 2020, Right Angle Manufacturer Co. had a balance in its prepaid Insurance account оf $57,400. During 2021, $95,000 was paid for Insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid Insurance account was $46,500. Insurance expense for 2021 was: Multiple Choice o $10,900. o $95,000. o $105,900. o $152 400.
A company reports operating expenses of $5 million. Operating expenses include rent expense. Prepaid rent at the beginning and end of the year is $120,000 and $80,000, respectively. All other operating expenses were paid in cash as incurred. What is the amount of cash paid for operating expenses? Multiple Choice Ο $5,000,000. Ο $5,040,000. 55,000 Ο $4,960,000. Ο $5,080,000.
Beginning of vear End of vear 14,000 Accounts receivable Inventories Prepaid insurance Prepaid rent Accounts payable Wages payable Unearned rent revenue $10,000 21,000 1,000 2.000 11,000 14,000 9,000 19,000 2,000 1.000 12,000 13,000 7,000 The income statement for the year contains the following: Rent revenue Sales revenue Cost of goods sold Insurance expenSe Rent expense Wages expense 21,000 130.000 80,000 13.000 10,000 35,000 Use the information above to answer the following question. What is the amount of cash paid for...
Adjustment for Prepaid Rent Jarem Company showed $12,000 in prepaid rent on December 31, 20X1. On December 31, 20X2, the balance in the prepaid rent account was $13,400. Rent expense for 20X2 was $30,000 Required: 1. What amount of cash was paid for rent in 20x2? 2. CONCEPTUAL CONNECTION What adjustment in prepaid expenses is needed if the indirect method is used to prepare Jarem's statement of cash flows? In determining operating cash flow under the indirect method, any increase...
Chamberlain Enterprises Inc. reported the following receivables
in its December 31, 2021, year-end balance sheet:
Current assets:
Accounts receivable, net of $31,000 in allowance for
uncollectible accounts
$
253,000
Interest receivable
7,450
Notes receivable
330,000
Additional Information:
The notes receivable account consists of two notes, a $80,000
note and a $250,000 note. The $80,000 note is dated October 31,
2021, with principal and interest payable on October 31, 2022. The
$250,000 note is dated June 30, 2021, with principal and...
The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent $16600, credit Rent Expense. $16600 debit Prepaid Rent $8300: credit Rent Expense, $8300 debit Rent Expense, $8300, credit Prepaid Rent. $8300 debit Rent Expense, 516600;credit Prepaid Rent $16600 At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During...
Boulter, Inc., began business on January 1, 2021. At the end of December 2021, Boulter had the following Investments in debt securities: Cost Fair value Trading $60,000 54,000 Available-for-Sale $110,000 107,500 All declines in value are deemed to be temporary in nature. How should the corresponding losses be reflected in the financial statements at December 31, 2021? Income Statement $8,500 Accumulated Other Comprehensive Income in Shareholders' Equity a. b. $6,000 $2,500 $8,500 $2,500 $6,000 Multiple Choice Option a. Option b....
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