CAB Co. reported rent income of P600,000 under cash basisaccounting for 2020. Additional Information are as follows:Dec. 31, 2020Dec. 31, 2019Unearned rent50,00030,00075,000Accrued rent income40,000How much is the rental collections on 2020?

Revenues are recognized when cash is collected, and expenditures are recognized when cash is paid…

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 Accrued rent income 50,000 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 Accrued rent income 50,000 30,000 40,000 How much is the rental collections on 2020?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

See similar textbooks

Related questions

Q: At the end of 2020, the business has a notes payable with maturity value of TL60.000. The maturity…

A: Discount on notes payable = Maturity value x rate of discount x no of months/12 = TL 60000 X 20% X…

Q: Starr Corporation loaned P90,000 to another corporation on December 1, 2021 and received a 3-month,…

A: Calculation of accrued interest till December 31, 2021: Interest Receivable/Interest Revenue = Face…

Q: Patrick Trash Haulers borrowed 42,000 on June 1, 2020. The loan had an interest rate of 5%. The…

A: Notes payable are promissory notes and negotiable instruments. In this one party agrees to pay a…

Q: On October 1, 2019, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Maturity date of Note = Issue date + Period = October 1, 2019 + 1 years = October 1, 2020 No. of…

Q: Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is…

A: Interest receivable is interest accrued but not received. Interest receivable is an asset. Increase…

Q: Siomai Company estimates its annual warranty expense as 2% of annual net sales. The following data…

A: 1. Warranty Expense = 2% of Net sales Net sales = 3,200,000 Warranty expense = 3,200,000 x 2% =…

Q: The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account…

A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: CALCULATE THE INTEREST COVERAGE RATIO. For the year ended December 31, Notes 2020 2019…

A: An Interest Coverage Ratio seems to be a profitability measure often used to evaluate a firm's…

Q: MAGIGING CPA AKO Co. uses the installment method. MAGIGING CPA AKO Co.'s records show the following…

A: Solution: Cost of sales = 800,000 Cost of sales ratio = 800,000 / 1,000,000 = 80% Gross profit ratio…

Q: What is the interest income for 2021? National Bank granted a loan to a borrower on January 1, 2021.…

A: First, calculate the carrying value of borrowed amount: Carrying amount=Principle amount+Direct…

Q: GCASH accounts for sales under the installment method. On January 1, 2020 its ledger accounts…

A: G CASH accounts for sales under installment method. On 01.01.2020, Installment receivable of 2018 =…

Q: 1) Remaining VAT accounts of our company as of the end of January 2021 are as follows. 191…

A: Given, Deducible VAT (Input) = TL 10.000 Debit Calculated VAT (Output) = TL 8.000 Credit…

Q: FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or…

A: Uncollectible accounts are those accounts receivables to whom business has made credit sales on…

Q: Calculate for each year the receivable turnover. At the end of 2019, accounts receivable was…

A: Accounts receviable turonover = Net credit sales/ Average accounts receviable Average accounts…

Q: What is the interest income for 2021? Philippine Bank granted a loan to a borrower on January 1,…

A: Interest Income for 2021 = Principal amount* interest rate where, Principal amount = $3,000,000…

Q: Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: The balances at the end of each year are as follows: December 31, 2019 December 31,2020 $ $…

A: Debit card receivable account is a company's asset, therefore, it is to be shown on the asset side…

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: Ajam Inc. shows the following selected adjusted account balances at March 31, 2019: $ 58,000…

A: Ajam Inc. Balance Sheet March'31, 2019 Liabilities Current Liabilities: Accounts…

Q: What is the carrying amount of the loan receivable on December 31, 2021? National Bank granted a…

A: The carrying amount of loan is calculated by preparing the amortization schedule and considering the…

Q: Charm Company estimates its annual warranty expense as 2% of annual net sales. The following data…

A: Solution: Warranty expense for 2019 = Net Sales * 2% Net sales - P3,200,000 Warranty expense for…

Q: the property taxes were levied in the amount of $905,000. All of the taxes are expected to be…

A: Journalizing is the process of recording financial transactions in a journal, where each entry…

Q: Corporation has the following account balances on December 31, 2020: Accounts receivable ₱…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: s date was 12%.

A: First of all we need to understand the basic meaning of current asset. Current asset are those asset…

Q: For the year ended Dec. 31, 2019, Nando Company paid interest totaling P100,000. The prepaid…

A: Interest expense is an expense that is due on the amount borrowed from the lender. It is reported in…

Q: Villa company estimates its annual warranty expense at 8% of net sales. The following data relate…

A: Total warranty expenses = warranty liability balance after adjustment + debit warranty liability…

Q: On May 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in 12…

A: Interest revenue = Amount of notes x rate of interest x period May 1, 2021 to December 31,2021 = 8…

Q: PT ABC shows these balances at beginning 2019 (in Rp000): Piutang usaha Penyisihan piutang tak…

A: Ending balance of Accounts Receivable = Beginning balance of Accounts Receivable + Credit sales -…

Q: On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or…

A: Uncollectible accounts expense = Credit sales x 2%

Q: Luna Company reported the following figur Net Credit Sales Account receivables at end of year

A: The average collection period appears to be the amount of time it takes a corporation to collect…

Q: Additional information: i. Supplies as at 31st December 2019, RM34,500. ii. Insurance expense at the…

A: Statement of profit and loss and Statement of financial position are two financial statements that…

Q: The following data for Roco Corp. Are available for 2021: Installment accounts, receivable 12/31/21…

A: Given information: Installment Accounts Receivable at year end = 100000 Installment Sales = 350000

Question

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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Questions about the Income Statement. a. List 2 expense accounts AND their amounts for 2020 b. What was the net profit/(loss) for 2020? What about 2019? c.Compared with 2019, has the net profit/(loss) increased or decreased?
Inko Inc. reported the following balances at the end of each year: 2020 2019Inventory P2,600,000 P2,900,000Accounts Payable 750,000 500,000The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold in 2020?
In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable? *see attached a. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000
What is the: quick acid ratio for 2020 receivable turnover for 2020 average collection period for 2020
Presented below are the year-end balance of the assets and liabilitiespertaining to Starlight Merchandising 2020 2019Cash P150,000 P120,000Equity investment at FVPL 260,000 230,000AR, net 360,000 400,000Inventories 705,000 635,000Prepaid Expenses 130,000 128,000Accounts payable 182,000 136,000Other current liabilities 141,000 125,000Bonds Payable 200,000 200,000Additional investment made by the owner during 2020 was P150,000 but a P200,000 personal liability was paid out of company's funds. What is the company's profit or loss for the year ended December 31, 2020? 30,000 800,000 Answer not given 140,000 700,000
The pre-collection/advanced collection is P60,000. This is applicable for a six- month rental period ending January 31, 2021. The financial statements to be prepared is dated December 31, 2020. What is the income and unearned income amounts that would be reported in the financial statements, respectively?
The pre-collection/advanced collection is P360,000. This is applicable for a six-month rental period starting November 1, 2020. The financial statements to be prepared are dated December 31, 2020. How much is the unearned income to be reported in the financial statements?
Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?
(Profitability Ratio)What is the Return on Asset Ratio in 2019?
Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Matthias MedicalComparative Balance SheetAs of December 31 2020 2019 Assets Current assets Cash $397,220 $417,400 Accounts receivable, net 906,800 776,400 Inventory 743,000 681,000 Other current assets 381,300 247,000 Total current assets 2,428,320 2,121,800 Property, plant, & equipment, net 8,678,000 8,440,100 Total assets $11,106,320 $10,561,900 Liabilities and Stockholders’ Equity Current liabilities $2,934,700 $2,846,000 Long-term debt 3,700,600 3,892,600 Total liabilities 6,635,300 6,738,600 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,600 103,800 Retained earnings 4,307,520 3,660,600 Total stockholders’…
Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.
A business has received £98,200 of rental income in the year ended 30 September 2021. Details of the rent received in advance and in arrears are shown below. Rent received in advance Rent arrears 30 September 2020 £ 2,400 7,000 A. £98,200 B. £104,000 C. £97,300 D. £92,400 30 September 2021 £ 4,600 3,400 Which of the following rental income figures should be included in the income statement for the year ended 31 September 2014?