Homework Answers
Answer:
Silas has no gross income in the year 2018 as the deposit he has received of $ 7000 in addition to the first and last months rent is the "Security Deposit", which will be shown in the Financial statement, that is, in Balance Sheet.
Now in 2019, the gross income is:
| Gross Rental Income ($4500*6) + ($ 2250) | $ 29250 |
The amount refund to Cam is: $7000-400-2250= $4350
Note:
The rental income is taken from January to June 2019 as Silas has already taken as advance from Cam that is 6 months (4500*6) and as cam closed his business as on 15th July therefore only 15 days payment has been taken rest of the amount refunded.
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