Business, 18.02.2020 04:22 amandamac7339
Brown Company’s December 31, Year 1 balance sheet showed $1,800 cash, $200 accounts payable, $600 common stock, and $1,000 retained earnings. The company experienced the following events during year 2.
(1) On April 1, Year 2 the company paid $1,800 cash to rent office space for the coming year starting immediately.
(2) Earned $1,700 cash revenue.
(3) Paid a $300 cash dividend.
Required:
a. Based on this information, the company would report:
O $1,350 balance in a prepaid rent account on the Year 2 balance sheet.
O a $1,050 balance in retained earnings on the Year 2 balance sheet.
O a $1,700 net cash outflow from operating activities on the Year 2 statement of cash flows.
O All of the answers are correct.
Answers: 2
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Brown Company’s December 31, Year 1 balance sheet showed $1,800 cash, $200 accounts payable, $600 co...
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