Rent expense in Vinton Corp.'s 2022 income statement is $390,000. If Prepaid Rent was $60,000 at December 31, 2021, and is $84,000 at December 31, 2022, what is the cash paid for rent during 2022?
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Rent expense in Vinton Corp.'s 2022 income statement is $390,000.
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- Under the accrual basis rental income of EL Company for the calendar year 2020 is P600,000. Additional information regarding rental income are presented below: Unearned rental income, January 1, 2020 P50,000 Unearned rental income, December 31, 2020 75,000 Accrued rental income, January 1, 2020 30,000 Accrued rental income, December 31, 2020 40,000 Under the cash basis, how much rental income should be reported by EL Company in year 2020? Group of answer choices d. P655,000 c. P625,000 b. P615,000 a. P585,000Under accrual basis, rental income of Kamahal-Mahal Company for the year 2020 is P600,000. Additional information regarding the rental income are as follows: Unearned rental income, Jan. 1, 2020- P50,000 Unearned rental income, Dec. 31, 2020- P75,000 Accrued rental income, Jan. 1, 2020- P30,000 Accrued rental income, Dec. 31, 2020 P40,000 Under cash basis, how much is the rental income should be reported in year 2020? P585,000 P615,000 P625,000 P655,000General accounting
- I need help with this financial accounting problem using accurate calculation methods.What hould i do the property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2021. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 .Inko Inc. reported the following balances at the end of each year: 2020 2019Inventory P2,600,000 P2,900,000Accounts Payable 750,000 500,000The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold in 2020?
- Ajam Inc. shows the following selected adjusted account balances at March 31, 2019: $ 58,000 102,000 Accounts Payable Wages Payable Accumulated Depreciation – Machinery Income Taxes Payable Note Payable, due May 15, 2021 Note Payable, due November 30, 2019 Mortgage Payable 69,000 92,000 108,000 64,000 320,000 71,000 Accounts Receivable Note: $240,000 of the mortgage payable balance is due one year beyond the balance sheet date; the remainder will be paid within the next 12 months. Required: Prepare the liability section of Ajam's March 31, 2019 balance sheet.unFlyers Ltd has a year-end of 31 March 2022. During the year it paid £1,700 for rent. At the start of the year, it had an accrual of £400 and at 31 March 2022 had prepaid £250 of rent in respect of the year starting 1 April 2022. What is the charge to the income account for the year ended 31 March 2022? a) £2,050b) £1,050 c) £1,650 d) £2,200
- Please help meUse the following information for Ingersoll, Inc., (assume the tax rate is 23 percent): 2019 2020 Sales $ 15,073 $15,036 Depreciation 1,731 1,806 Cost of goods sold 4,329 4,777 Other expenses 981 859 Interest 830 961 Cash 6,172 6,676 Accounts receivable 8,110 9,637 Long-term debt 20,530 24,811 Net fixed assets 51,042 54,483 Accounts payable 5,736 6,071 Inventory 14,402 15,358 Dividends 1,300 1,688 Prepare a balance sheet for this company for 2019 and 2020. (Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.) INGERSOLL, INC. Assets Cash Accounts receivable Net fixed assets Inventory Current assets Balance Sheet as of Dec. 31 2019 2020 $ 6,172 $ 6,676 8,110 9,637 51,042 54,483 14,402 15,358 Total assets $ 86,654 $ 89,154 Liabilities Accounts payable $ 5,736 $ 6,071 Long-term debt 20,530 24,811For the year ended December 31, 2023, Tamarisk Ltd. reported income before income taxes of $98,000. In 2023, Tamarisk Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $68,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Tamarisk Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $42,000, of which $35,000 was actual repairs for 2023 and the remaining $7,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $20,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $200,000. Capital Cost Allowance (CCA) claimed for the year was $223,000. Tamarisk was subject to a 20%…
