Accrued business income (except rent) $464,200 Accrued business expenses (except rent) 348,150 Rental income on a building leased for the next 6 months, received on December 1 46,420 Prepaid rent expense for 6 months, paid on December 1 23,210 Calculate Geraldine's net income from her business for the current year. If required, your answers to the nearest dollar. Income: Other than rental $ Rental Expenses: Other than rental Rental Net income $
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Calculate Geraldine's net income from her business for the current year.
If required, your answers to the nearest dollar.
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