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Determine the amount of cash paid for rent

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Reference no: EM132796888

Problem 1: Lira Company reported the following account balances on its income statement: cost of goods sold-$320,000, rent expense-$30,000, and salary expense-$90,000. During the year, prepaid rent went up by $5,000, accounts payable went down by $4,000, salary payable went up by $3,000, and inventory went down by $2,000. Determine the amount of cash paid for rent.

a. $25,000

b. $28,000

c. $35,000

d. $30,000

e. $31,000

Reference no: EM132796888

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