Answered

Westonci.ca is the best place to get answers to your questions, provided by a community of experienced and knowledgeable experts. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Howard Inc. had prepaid rent of $79,000 and $88,000 at the end of Year 1 and Year 2, respectively. During Year 2, Howard recorded $244,000 in rent expense in its income statement. Cash outflows for rent in Year 2 were:

Sagot :

Answer:

the Cash outflows for rent in Year 2 is $253,000

Explanation:

The computation of the Cash outflows for rent in Year 2 is shown below:

Prepaid rent at year 2 $88,000

Add: rent expense $244,000

Less: prepaid rent in year 1 -$79,000

Cash outflows for rent in year 2 $253,000

Hence, the Cash outflows for rent in Year 2 is $253,000

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.