CAB Co. reported rent income of P600,000 under cash basis accounting for 2020. Additional Information are as follows: Dec. 31, 2020 75,000 Dec. 31, 2019 Unearned rent 50,000 Accrued rent income 30,000 40,000 How much is the rental collections on 2020?

CAB Co. reported rent income of P600,000 under cash basis accounting for 2020. Additional Information are as follows: Dec. 31, 2020 75,000 Dec. 31, 2019 Unearned rent 50,000 Accrued rent income 30,000 40,000 How much is the rental collections on 2020?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 1BD

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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

a. P585,000

b. P615,000

c. P625,000

d. P655,000

e. answer not given

CAB Co. reported rent income of P600,000 under cash basis
accounting for 2020. Additional Information are as follows:
Dec. 31, 2020
75,000
Dec. 31, 2019
Unearned rent
50,000
Accrued rent income
30,000
40,000
How much is the rental collections on 2020?

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