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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F05e9f363-cc1c-42fc-92fd-92b5097bd04d%2F4f73dfd2-bdb3-4fa7-9587-0b5004a6511f%2Fmjmttt_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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