(Appendix 5B) Assume that Prepaid Rent on the 1996 and 1997 balance sheets of Taylor Company were...
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(Appendix 5B) Assume that Prepaid Rent on the 1996 and 1997 balance sheets of Taylor Company were $5,600 and $4,700, respectively, and that the company’s 1997 income statement indicated Rent Expense of $8,000. Assume further that the statement of cash flows disclosed that cash payments from operating activities totaled $37,500. How much of that cash payment was due to rent?
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