## On November 1, 2019, Movers, Inc., paid $24,000 for 2 years’ rent beginning on November 1 (assume rent is the same amount each month). Mover

Question

On November 1, 2019, Movers, Inc., paid $24,000 for 2 years’ rent beginning on November 1 (assume rent is the same amount each month). Movers’ year-end financial statements as of December 31, 2019 will show:___________

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2022-01-08T13:47:39+00:00
2022-01-08T13:47:39+00:00 2 Answers
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## Answers ( )

Answer:

the answer is 22,000

Step-by-step explanation:

Answer:Rent expense = $1,000Prepaid rent = $23,000Step-by-step explanation:The computation is presented below:

Provided that

2 years rent = $24,000

Now the one month rent is

= Total rent ÷ Number of months in a 2 years= $24,000 ÷ 24 months

=

$1,000So, for financial statements as of December 31,2019 is $1,000 per month rent expense

And, the prepaid rent would be

= Total rent – rent expense= $24,000 – $1,000

=

$23,000