Co Company earns income from renting out viable spaces. The following are balances from the company's balance sheet: December 31, 2017 30,000 110,000 5,000 130,000 700,000 December 31, 2016 65,000 122,000 1,500 100,000 640,000 Rent Receivable Prepaid Insurance Supplies Salaries Payable Unearned Rent Revenue The ff transactions occurred in 2017: 25,000 Cash paid for supplies Bought supplies on account Paid wages 23,500 1,300,000 254,000 Cash paid for insurance Cash received for rent in 5,300,000 advance Rent receivable collected 620,000 What is the rent income for year ending December, 2017?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Co Company earns income from renting out
viable spaces. The following are balances
from the company's balance sheet:
December 31, 2017
December 31, 2016
ET T
Rent Receivable
30,000
65,000
Prepaid Insurance
Supplies
Salaries Payable
110,000
122,000
5,000
130,000
1,500
100,000
Unearned Rent Revenue
700,000
640,000
The ff transactions
occurred in 2017:
25,000
Cash paid for supplies
Bought supplies on account
Paid wages
23,500
1,300,000
Cash paid for insurance
254,000
Cash received for rent in
5,300,000
advance
Rent receivable collected
620,000
What is the rent income for year ending December, 2017?
Activat
Transcribed Image Text:Co Company earns income from renting out viable spaces. The following are balances from the company's balance sheet: December 31, 2017 December 31, 2016 ET T Rent Receivable 30,000 65,000 Prepaid Insurance Supplies Salaries Payable 110,000 122,000 5,000 130,000 1,500 100,000 Unearned Rent Revenue 700,000 640,000 The ff transactions occurred in 2017: 25,000 Cash paid for supplies Bought supplies on account Paid wages 23,500 1,300,000 Cash paid for insurance 254,000 Cash received for rent in 5,300,000 advance Rent receivable collected 620,000 What is the rent income for year ending December, 2017? Activat
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