Please help answer what the cash paid for rent, cash paid for taxes, and cash pa

ID: 2536311 • Letter: P

Question

Please help answer what the cash paid for rent, cash paid for taxes, and cash paid for interest is

B 1 u . ?·??· ? Merge & Certer . $ . % , ?48 Conditional Format as Cell Insert Delete Format Format Painter Clear Flter Sel Alignment Editing 1/1/2017 Beginning Michael Kneale 12/31/2017 2017 Income Statement Cash Accounts Receivable (net) Inventory Prepaid Rent 1,113,000 88,000 295,000 470,000 100,000(12,000 Net Sales Operating Expenses 13,000 282,000 10,000 480,000 7,000 18,000 182,000 0 450,000 26,000 57,000)307,000 798,000 5,000 Cost of Goods Sold Cash paid for rent Cash paid for taxes Cash paid for interest 7000 Rent Expense Wages Expense 200,000 450,000 39,000 374,000 58,000 33,000 Other Operating Expenses Accumulated Depreciation Equipment 13,000 Depreciation Expense Total Operating Expenses Operating Income Nonoperating ltems 966,000 124,000 147,000 Accumulated Depreciation 100,000 28,000 (108,000 (20,000) Interest Expense 6,000)46,000 (4,000) (476,000) 8,000 Loss on Sale of Equipment Total Nonoperating Items Income before Income Taxes Income Tax Expense Patent 40,000 480,000 (25,000) 40,000) 167,000 (170,000) (41,000) (690,000 (206,000 20,000 Wages Payable Taxes Pavable Notes Payable-Long-Term Mortgage Payable Deferred Taxes Common Stock Retained Earnings 7,000 (32,000) (12,000) (28,000) (47,000 (120,000) 24,000 (194,000) 11,000 (30,000) 30,000) (660,000) 76,000 190,000) 60,000 127,000 Current Deferred 40,000 Provision for Inocme Taxes Net Income Retained Earnings 1/1/2017 Cash Dividends 51,000 76,000 190,000 60,000 SheetSheet2 Sheet3 ?? Type here to search

Explanation / Answer

(1) Cash Paid for Rent :-

Rent Exp

5000

(-) Beginning Prepaid Rent

7000

(+) Ending Prepaid Rent

9000

Cash paid for Rent

7000

(2) Cash Paid for Taxes :-

Income Tax Exp (Current + Deferred)

51000

(-) Increase in Tax Payable

12000

(-) Increase in Deferred Taxes

11000

Cash Paid for Taxes

28000

(3) Cash paid for Interest :-

Interest Exp = 12000

There is no prepaid Interest or outstanding Interest in the Balance sheet

Hence cash paid for Interest = 12000