On September 26, 2019, Basin Corp paid $42.000 for one year's rent on its headquarters building,...

 

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On September 26, 2019, Basin Corp paid $42.000 for one year's rent on its headquarters building, starting on October 1, 2019. Basin records adjusting journal entries annually on its year-end date. On its 12/31/2019 (year-end) financial statements, Basin Corp should report Prepaid Rent of $42.000 on the Balance Sheet Prepaid Rent of $31.500 on the Balance Sheet Prepaid Rent of $0 on the Balance Sheet Rent Expense of $7,000 on the Balance Sheet and and and and Rent Expense of 10 on the income Statement Rent Expense of $10.500 on the income Statement Rent Expense of $42.000 on the income Statement Prepaid Rent of $35.000 on the income Statement Financing cash flows in the statement of cash flows would not include which of the following? O Cash received from the issuance of new shares of stock by the Company O Payment of Dividends to Stockholders. Repayment of the principal balance of a note payable. O Cash outflows for purchase of equipment, The account category that represents amounts owed by a company to a bank from whom it has secured a long-term loan is most likely? O Asset Expense Revenue Liability On September 26, 2019, Basin Corp paid $42.000 for one year's rent on its headquarters building, starting on October 1, 2019. Basin records adjusting journal entries annually on its year-end date. On its 12/31/2019 (year-end) financial statements, Basin Corp should report Prepaid Rent of $42.000 on the Balance Sheet Prepaid Rent of $31.500 on the Balance Sheet Prepaid Rent of $0 on the Balance Sheet Rent Expense of $7,000 on the Balance Sheet and and and and Rent Expense of 10 on the income Statement Rent Expense of $10.500 on the income Statement Rent Expense of $42.000 on the income Statement Prepaid Rent of $35.000 on the income Statement Financing cash flows in the statement of cash flows would not include which of the following? O Cash received from the issuance of new shares of stock by the Company O Payment of Dividends to Stockholders. Repayment of the principal balance of a note payable. O Cash outflows for purchase of equipment, The account category that represents amounts owed by a company to a bank from whom it has secured a long-term loan is most likely? O Asset Expense Revenue Liability

Answer rating: 100% (QA)

1 Prepaid rent is an asset It refers to rent which is paid in advance by a company On the other hand ... View the full answer