A landlord received $5,000 cash for December 2019's rent, but the tenant's rent for December is $8,000. Which of the following is true for year ended 2019? group of answer choices a)$8,000 would appear on the income statement as rent revenue earned. b)$8,000 would be reported on the statement of cash flows. c)$8,000 would appear on the balance sheet as rent receivable. d)$5,000 would appear on the balance sheet as prepaid rent. e)$3,000 would appear as unearned rent revenue.

A landlord received $5,000 cash for December 2019's rent, but the tenant's rent for December is $8,000. Which of the following is true for year ended 2019? group of answer choices a)$8,000 would appear on the income statement as rent revenue earned. b)$8,000 would be reported on the statement of cash flows. c)$8,000 would appear on the balance sheet as rent receivable. d)$5,000 would appear on the balance sheet as prepaid rent. e)$3,000 would appear as unearned rent revenue.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Amber sold her personal property in 2019, with details as follows: Cost ₱ 600,000 Mortgage assumed by the buyer 350,000 Installment collection schedule: 2019 200,000 2020 200,000 2021 80,000 How much is the selling price?
Mr. Zheng purchased a residential flat in Hong Kong with a mortgage loan obtained from a local bank. The property was let to TJ Ltd. under the following terms: (1) Period of lease: (2) Rent free period: (3) Monthly rent: (4) Premium: (5) Rates & government rent: 1 April 2020 to 31 March 2022 (24 months) 1 April 2020 to 30 April 2020 (1 month) $22,000 $100,000 payable on 1 April 2020 Payable by the landlord Despite taking legal actions against a former tenant, the former tenant did not settle the outstanding rent of $75,000, being rent owed for the period from 1 November 2019 to 31 January 2020. The tenant was declared bankrupt on 30 April 2020. The assessor accepted that the outstanding tax was irrecoverable when the tenant declared bankrupt. On 1 June 2020, Mr. Zheng received outstanding rent of $30,000 from another former tenant. The total amount owed by this tenant was $60,000 and this amount was allowed as irrecoverable rent in the year of assessment 2015/16. During the year ended…
Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2020: Home acquisition debt interest: $15,000Credit card interest: $5,000Home equity loan interest (used for home improvement): $6,500Investment interest expense: $10,000Mortgage insurance premiums (PMI): $1,000 With 2020 net investment income of $2,000, calculate the amount of their allowable deduction for investment interest expense and their total deduction for allowable interest. Home acquisition principal and the home equity loan principal combined are less than $750,000.
How is the housing expense ratio calculated? The monthly PITI payment is divided by the borrower's monthly net income. The monthly PITI payment is divided by the borrower's monthly gross income. O The monthly PITI payment plus other monthly obligations are divided by the monthly gross income. The borrower's monthly gross income is divided by the monthly PITI payment.
The annual insurance premium on Maria's home is $1,958 and the annual property tax is $1,432. If her monthly principal and interest payment is $1,613, find the adjusted monthly payment including principal, interest, taxes, and insurance (PITI). PITI= $ (Round to the nearest cent as needed.)
John Deere borrowed $100,000 cash on September 1, 2019, and signed a one year 6%, interest bearing note payable. Assume no adjusting entries have been made during the year. Which of the following would be the required adjusting entry at the end of Dec 31 2019 accounting period? A. Debit Notes payable 100,000 Debit Interest expense 6,000 Credit Cash 106,000 B. Debit interest expense 6,000 Credit interest payable 6,000 C. Debit interest expense 2,000 Credit interest payable 2,000 D. Debit interest payable 2,000 Credit interest expense 2,000
Conchita Martinez will have a monthly interest and principal payment of $1,820.68. Her monthly real estate taxes will be $57.06 and her monthly homeowner's insurance payments will be $89.47. If her gross monthly income is $6,778.27, find the housing ratio. Question content area bottom Part 1 The housing ratio is= (Round to two decimal places as needed.)
The disposable income from my part-time job in 2021 was $12,000. In 2020, I borrowed $580 at 15 percent interest. I repaid my loan with interest in 2021. How much would I have available for spending in 2021? please help
John Industries collected $105000 from customers in 2020. Of the amount collected, $24700 was for services performed in 2019. In addition, John performed services worth $39400 in 2020, which will not be collected until 2021. John Industries also paid $71200 for expenses in 2020. Of the amount paid, $29600 was expenses incurred on account in 2019. In addition, John incurred $41400 of expenses in 2020, which will not be paid until 2021. Compute 2020 cash-basis net income.
6. A taxpayer sells a vacation home in 2019 for $150,000 that has an adjusted basis $115,000. The purchaser pays cash of $30,000, assumes the existing mortgage of $110,000, and signs an installment note for the remaining $10,000 plus interest. What is the amount of the total contract price? 6. O a. $30,000 o b. $40,000 Oc. $115,000 o d. $150,000
Please answer within 40mins. During 2019, Pam was under water in her house. The house was worth $125,000 but she still owed $200,000 on the mortgage. Because Pam had an FHA loan, the bank decided to forgive the remainder of the loan. Right after the loan was discharged, Pam had total assets of $80,000 and total liabilities of $100,000. How much of the $75,000 loan forgiveness must Pam include in her taxable income? a. $75,000 b. $20,000 c. $0 d. $55,000
The annual insurance premium on Maria's home is $1,986 and the annual property tax is $1,407. If her monthly principal and interest payment is $1,623, find the adjusted monthly payment including principal, interest, taxes, and insurance (PITI). PITI = S (Round to the nearest cent as needed.)