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Hype Hospital: cash to accrual analyze prepaid & accrued

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See attachment.

Hype Hospital provides u with the following info:
10/31/x1 11/30/x1
prepaid rent expense $1,000 $2,000
accrued rent rec $3,000 $4,000
deferred rental Income $5,000 $6,000
accrued rent payable $7,000 $8,000

Accrued Interest Rec $4,100 $3,900
Prepaid Interest $6,400 $5,700
Accrued Interest $3,200 $3,600
Deferred Interest Income $4,800 $5,300

During November, $40,000 of rent was paid and $50,000 of rent was received in cash. Also, Nov statement of operations reports $25,000 of interest income and $30,000 of interest expense.

Required: What should the Nov 20X1 statement of operations report as rent expense and rental income? What was the amount of interest received in cash during Nov? What was the amount of interest paid in cash during Nov?

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Solution Summary

The solution determines what the statement of operations report as rent expense and rental outcome. See the attached Excel file for the response.

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Your tutorial is attached. First you must match the accounts into sets (see ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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