Spenser Manufacturing Ltd.'s prepaid rent balance was $12,500 at December 31, 2021 and $8,400 at December 31, 2020. On its income statements Spenser reported Rent expense of $6,000 for 2021, and $5,200 in 2020. If Spenser uses the direct method for reporting cash flows from operating activities, how much cash paid for rent would be reported on Spenser's 2021 statement of cash flows? 

Answer rating: 100% (QA)

Cash Paid for Rent in 2021 Spenser uses the direct method for cash flows from operating activities w... View the full answer