BC company had the following information prior to any adjusting and closing entries for the YEAR ended December 31, 2022: ABC paid cash for rent covering the period July 1, 2022 to June 30, 2024. The total cost was $18,000. The amount was put into Prepaid rent on July 1, 2022 when the cash was paid. ABC purchased insurance for the period covering January 1, 2022 to December 31, 2024. The total cost of the insurance was $36,000. The amount was put into prepaid insurance on January 1, 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 expense has been taken yet on this vehicle. ABC has seven 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. For all questions, please answer as follows: If the number is a positive number or the account is increasing (e.g., $4,525), please enter 4525 If the number is a negative number or the account is decreasing (e.g., -$4,525), please enter -4525 (be sure to include the minus sign). If the number is zero or there is no impact on the account, please enter 0 (the number zero). Flag question:

Question 1 Question 12 pts What should the balance in Prepaid Rent be after any adjusting entries on December 31, 2022? Flag question:

Question 2 Question 22 pts What is the total rent expense for the year ended December 31, 2022? Flag question:

Question 3 Question 32 pts What should be the balance in prepaid insurance on December 31, 2022? Flag question:

Question 4 Question 42 pts What should be the insurance expense for the year ended December 31, 2022? Flag question:

Question 5 Question 52 pts What should be the depreciation expense for the new equipment for the year ended December 31, 2022? Flag question:

Question 6 Question 62 pts What should the balance in Accumulated Depreciation be on December 31, 2023? Flag question:

Question 7 Question 72 pts What should be the accrued payroll liability as of December 31, 2022? Flag question:

Question 8 Question 82 pts In order to account for the $10,000 payroll paid in early January, 2023, the entry will include how much for payroll expense? Flag question:

Question 9 Question 92 pts What is ABC's net income for the year ended December 31, 2022? Flag question:

Question 10 Question 102 pts After the appropriate closing entries are made, what will be ABC's retained earnings balance be?BC company had the following information prior to any adjusting and closing entries for the YEAR ended December 31, 2022: ABC paid cash for rent covering the period July 1, 2022 to June 30, 2024. The total cost was $18,000. The amount was put into Prepaid rent on July 1, 2022 when the cash was paid. ABC purchased insurance for the period covering January 1, 2022 to December 31, 2024. The total cost of the insurance was $36,000. The amount was put into prepaid insurance on January 1, 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 expense has been taken yet on this vehicle. ABC has seven 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. For all questions, please answer as follows: If the number is a positive number or the account is increasing (e.g., $4,525), please enter 4525 If the number is a negative number or the account is decreasing (e.g., -$4,525), please enter -4525 (be sure to include the minus sign). If the number is zero or there is no impact on the account, please enter 0 (the number zero). Flag question:

Question 1 Question 12 pts What should the balance in Prepaid Rent be after any adjusting entries on December 31, 2022? Flag question:

Question 2 Question 22 pts What is the total rent expense for the year ended December 31, 2022? Flag question:

Question 3 Question 32 pts What should be the balance in prepaid insurance on December 31, 2022? Flag question:

Question 4 Question 42 pts What should be the insurance expense for the year ended December 31, 2022? Flag question:

Question 5 Question 52 pts What should be the depreciation expense for the new equipment for the year ended December 31, 2022? Flag question:

Question 6 Question 62 pts What should the balance in Accumulated Depreciation be on December 31, 2023? Flag question:

Question 7 Question 72 pts What should be the accrued payroll liability as of December 31, 2022? Flag question:

Question 8 Question 82 pts In order to account for the $10,000 payroll paid in early January, 2023, the entry will include how much for payroll expense? Flag question:

Question 9 Question 92 pts What is ABC's net income for the year ended December 31, 2022? Flag question:

Question 10 Question 102 pts After the appropriate closing entries are made, what will be ABC's retained earnings balance be