ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts: · Total collections from rent, Dec. 31, 2021- P940,000 · Total rent income recognized, Dec. 31, 2021-P1,200,000 · Unearned rent income, Dec. 31, 2020- P600,000 · Unearned rent income, Dec. 31, 2021- P460,000 · Accrued rent income, Dec. 31, 2020- P345,000 What is the amount of accrued rent account on December 31, 2021?
ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts: · Total collections from rent, Dec. 31, 2021- P940,000 · Total rent income recognized, Dec. 31, 2021-P1,200,000 · Unearned rent income, Dec. 31, 2020- P600,000 · Unearned rent income, Dec. 31, 2021- P460,000 · Accrued rent income, Dec. 31, 2020- P345,000 What is the amount of accrued rent account on December 31, 2021?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...
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ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts:
· Total collections from rent, Dec. 31, 2021- P940,000
· Total rent income recognized, Dec. 31, 2021-P1,200,000
· Unearned rent income, Dec. 31, 2020- P600,000
· Unearned rent income, Dec. 31, 2021- P460,000
· Accrued rent income, Dec. 31, 2020- P345,000
What is the amount of accrued rent account on December 31, 2021?
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