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Determine the ustons income statement

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Question 1: Uston, Co. is charged $2,000 per month for rent on the first of each month for the upcoming month. Uston pays the rent on the first of each of the months January through October 2016, but misses the payments on November 1 and December 1, 2016. Uston must make the payments for November and December 2016 in 2017. Uston's income statement for 2016 and December 31, 2016 balance sheet should show:

Point a. $20,000 of rent expense and $4,000 of rent payable.

Point b. $24,000 of rent expense and $4,000 of rent payable.

Point c. $24,000 of rent expense and $0 of rent payable.

Point d. $0 of rent expense and $4,000 of rent payable.

Point e. None of the above.

Reference no: EM132460392

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