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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Alaia 2 weeks 2022-01-08T13:47:39+00:00 2 Answers 0 views 0

Answers ( )

    0
    2022-01-08T13:49:18+00:00

    Answer:

    the answer is 22,000

    Step-by-step explanation:

    0
    2022-01-08T13:49:24+00:00

    Answer:

    Rent expense = $1,000

    Prepaid rent = $23,000

    Step-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

    = $1,000

    So, 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

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