Answered: Jan. 1, 2020 Dec. 31, 2020 Accrued…

Jan. 1, 2020 Dec. 31, 2020 Accrued Expenses $30,000 $26,000 Payments Made $67,000 Operating Expenses $69,000 Prepaid Expenses $12,000 ? How much is the prepaid expenses on Dec. 31, 2020?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

	Jan. 1, 2020	Dec. 31, 2020
Accrued Expenses	$30,000	$26,000
Payments Made		$67,000
Operating Expenses		$69,000
Prepaid Expenses	$12,000	?

How much is the prepaid expenses on Dec. 31, 2020?

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