During 2020, Mami Corp. received P8,000,000 from tenants. The balance sheet contained the following data: 2019 2020 Rentals receivable P 960,000 P1,240,000 Unearned rentals 3,200,000 2,400,000 What amount of rental revenue should be reported for 2020?

During 2020, Mami Corp. received P8,000,000 from tenants. The balance sheet contained the following data: 2019 2020 Rentals receivable P 960,000 P1,240,000 Unearned rentals 3,200,000 2,400,000 What amount of rental revenue should be reported for 2020?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

During 2020, Mami Corp. received P8,000,000 from tenants. The balance sheet contained the following data:

2019 2020

Rentals receivable P 960,000 P1,240,000

Unearned rentals 3,200,000 2,400,000

What amount of rental revenue should be reported for 2020?

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