Victor Inc. reports a rent expense of $500,000 in its 2022 income statement. If Prepaid Rent was $80,000 at December 31, 2021, and $110,000 at December 31, 2022, what is the cash paid for rent during 2022? a. $530,000 b. $470,000 c. $500,000 d. $510,000
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- Howard Inc. had prepaid rent of $94,000 and $105,000 at the end of 2020 and 2021, respectively. During 2021, Howard recorded $259,000 in rent expense in its income statement. Cash outflows for rent in 2021 were: Multiple Choice $281,000. $270,000. $248,000. $259,000. 3What is the cash paid for rent during 2022 ?-What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for 2021? (assume Accounts Receivable, net was $500,000 on December 31, 2020) -What is XYZ's Asset Turnover for 2021? (assume total assets were $14 million on December 31, 2020) Account Balance Data Debit Credit Cash 217,650 Accounts Receivable 545,000 Interest Receivable 1,200 Allowance for Doubtful Accounts 8,450 Merchandise Inventory 778,000 Prepaid Insurance 30,000 Notes Receivable Land 2,000,000 Office Building 4,000,000 Office Equipment 320,000 Store Building 9,000,000 Store Equipment 3,560,000 Accumulated Depreciation - office building and equipment 1,580,000 Accumulated Depreciation - store building and equipment 4,126,000 Goodwill 700,000
- The DeVille Company reported pretax accounting income on Its income statement as follows: Help Save & Exit 2021 2022 2023 2024 $375,000 295,000 365,000 405,000 Included in the income of 2021 was an installment sale of property in the amount of $38,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $15,200 in 2022, $19,000 in 2023, and $3,800 in 2024. 22 Included in the 2023 income was $14,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2021-2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transactlon Ilst Journal entry worksheet 3. 4 Record 2021 income taxes. Next 33 of 39…The financial statements for Barrington Service Company include the following items: 2025 2024 $44,500 33,000 52,000 Cash Short-term Investments Net Accounts Receivable. Merchandise Inventory Total Assets Accounts Payable Salaries Payable Long-term Note Payable OA. 0.86 OB. 6.60 OC. 3.82 OD. 1.17 164,000 535,000 126,500 24,000 61,000 $44,000 20,000 56,000 49,000 554,000 128,000 17,000 50,000Crane Company's 2025 financial statements contain the following selected data: Income taxes Interest expense Net income $43000 20000 3.1 times. 6.2 times. 5.2 times. 4.1 times. 61000 Crane's times interest earned for 2025 is
- VinubhaiHerbert Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $656,810 $672,346 Cost of Sales $54,269 $53,251 Sales Revenue $259,368 $212,962 Inventory $35,505 $45,285 Accounts payable $120,483 $129,398 Accounts receivable (Debtors) $59,498 $79,380 Owner's Equity $1,523,999 $1,131,784 Based on the information provided, calculate the Days in Accounts Receivable for 2021, expressed in days to 2 decimal places.Squat XFit Inc. reported the following ($ in millions). Financial results Revenue 2020 122.1 EBITDA 60.9 Interest income 7.0 Tax rate 25.0% Interest rate on debt 5.0% Balances as of Net PP&E Intangible assets Debt 12/31/2019 12/31/2020 198.8 240.0 40.0 45.0 155.0 155.0 Purchases Assume purchases made at year end and thus did not generate D&A in 2020 2020 Capital expenditures 75 Purchases of intangible assets 20 Calculate net income for the year ending 12/31/2020 $8.5million O $9.1 million O $11.4 million ○ $14.3 million
- General AccountUse the following information for Taco Swell, Inc., (assume the tax rate is 24 percent): 2017 2018 Sales $ 15,573 $ 15,336 Depreciation 1,741 1,816 Cost of goods sold 4,379 4,787 Other expenses 986 864 Interest 835 966 Cash 6,187 6,706 Accounts receivable 8,120 9,667 Short-term notes payable 1,250 1,227 Long-term debt 20,560 24,836 Net fixed assets 51,064 54,513 Accounts payable 4,512 4,884 Inventory 14,419 15,368 Dividends 1,350 1,698 Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.) Prepare an income statement for this company for 2017 and 2018. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16. Input all answers as positive values.)Miller Company reported the following information in its 2020 financial statements ($ in millions): 2020 2019 Balance Sheet: Accounts receivable, net $ 2,448.4 $ 1,825.6 Income statement: Sales revenue $ 18,779.1 A note disclosed that the allowance for uncollectible accounts had a balance of $34.9 million and $33.7 million at the end of 2020 and 2019, respectively. Bad debt expense for 2020 was $24.0 million. Required: Determine the amount of cash collected from customers during 2020.