ABC company had the following information prior to any adjusting and closing entries for the year ended December 21, 2022. ABC paid cash for rent covering the period from July 1, 2022, to June 30, 2024. The total cost was $18,000. The amount was put into prepaid rent on July 1st, 2022, when the cash was paid. ABC purchased insurance for the period covering January 1, 2022, to December 31, 2024. The total cost of insurance was $36,000. The amount that was put into prepaid insurance on January 1st 2022 when the cash was paid. ABC purchased a new company vehicle for cash on September 30 2022. The cost of the vehicle was $36,000. The depreciation on the vehicle is $1,000 per month. No depreciation on the vehicle expense has been taken yet on this vehicle.

ABC has 7 employees on its payroll. The employees are paid every two weeks. The total cash paid to the employees every two weeks is $10,000 (this is the total, not per employee). Since the last pay, 25% of the two weeks has elapsed.

Abc's total revenue for the year was $125,000. Total expenses (including any expenses related to the adjusting entries above) were $110,000. Prior to any closing entry the retained earnings for ABC was $400,000.

Question 1- What should be the balance in prepaid rent be after adjusting entries on December 31, 2022?

Question 2- What is the total rent expense for the year ended December 31, 2022?

question 3- what should be the balance in prepaid insursance on December 31, 2022?

question 4- What should be the insurance expense for the year ended December 31, 2022?

question 5- What should be the depreciation expense for the new equipment for the year ending December 31 2022?

question 6- What should the balance in accumulated depreciation be on December 31 2022?

question 7- What should be the accrued payroll liability as of December 31, 2022?

question 8- In order to account for the $10,000 payroll paid in early January 2023, the entry will include how much payroll expense?

question 9- what is ABC's net income for the year ended December 31, 2022?

question 10- After the appropriate closing entries are made, what will be ABC's retained earrings balance?