Question
The Hudson Corporation's March 31 unadjusted trial balance included many accounts, including the following. Accounts Payable $25,000 Fees Revenue $100,000 Supplies Expense $0 Rent Expense
The Hudson Corporation's March 31 unadjusted trial balance included many accounts, including the following.
| Accounts Payable | $25,000 |
| Fees Revenue | $100,000 |
| Supplies Expense | $0 |
| Rent Expense | $0 |
| Insurance Expense | $2,900 |
| Cash | $21,000 |
| Supplies | $18,000 |
| Prepaid Rent | $25,000 |
| Prepaid Insurance | $9,700 |
During March, the company had paid $25,000 to use office space for five months, beginning on March 1.
Determine the dollar amount of prepaid rent the Corporation would report on its March 31 balance sheet.
| a. | $20,000 | |
| b. | $5,000 | |
| c. | $15,000 | |
| d. | $25,000 |
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New Markets Tax Credit IRS Audit Technique Guide
Authors: Internal Revenue Service
1st Edition
1304112896, 978-1304112897
