Question

1 QUESTION 28 This fact pattern provides information for Q#28 and Q#29. Rent Revenues in Year 3 were $57. Rent Receivable at Dec. 31 in Years 1, 2 and 3, respectively were: $8, $3 and ?, respectively. Unearned Rent Revenue in Years 1, 2 and 3, respectively were: $9, $11 and $8. Cash collected from tenants in Year 2 and 3, respectively were $49 and 543. Enter positive values without '+' signs, without 's' signs and without commas. Q#28. Rent Receivable at Dec. 31, Year 3 Click Save and Submit to save and submit. Click Save All Answers to save all answers, Save AA hulu 30 Fe WW * $ 4 % 5 & 7 3 6 8 9 E 70 T Y U - O F H J J к с V B N M

#29

Answer 1

Question 28

Answer : Rent receivable for year 3 is 14

working Notes :

Rent revenue of year 3 = Rent received in year 3 + rent received in advance in year 2 - rent received in year 3 + rent receivable in year 3

Rent received in year 3 is :   43

Add Rent received in advance in year 2 11

less Rent received in advance in year 3 8

less rent receivable in year 2 3

Add rent receivable in year 3 (?)

= Rent revenue in year 3 is 57

Rent receivable = 57 - (43 + 11 - 8 - 3)

= 57 - 43 = 14

Rent revenue is determined on accruel basis. Rent revenue of the year is determined by the actual rent pertaining to the year, and not the rent amount actually received.