It's March 2024 and you are a property manager of a 125,000 sq. ft. mixed-use property. You have been tasked to send out CAM, Property Tax and Insurance reconciliation letters for 2023. The following were actual expenses for the calendar year 2023: Operating Expenses (Recoverable) are $100,000 Annual Taxes are $150,000 Annual Insurance is $10,000 Rick's Seafood leased a 5,000 sq. ft. space and pays his pro-rata share of CAM, Tax, and Insurance based on GLA. He paid the following monthly estimated charges in 2023 for CAM, Tax, and Insurance. Taxes - $500 per month Insurance $10 per month Operating Expenses (CAM) - $250 per month What would be the year-end CAM, Insurance, and Tax reconciliation billing and/or credit for Rick's Seafood?
It's March 2024 and you are a property manager of a 125,000 sq. ft. mixed-use property. You have been tasked to send out CAM, Property Tax and Insurance reconciliation letters for 2023. The following were actual expenses for the calendar year 2023: Operating Expenses (Recoverable) are $100,000 Annual Taxes are $150,000 Annual Insurance is $10,000 Rick's Seafood leased a 5,000 sq. ft. space and pays his pro-rata share of CAM, Tax, and Insurance based on GLA. He paid the following monthly estimated charges in 2023 for CAM, Tax, and Insurance. Taxes - $500 per month Insurance $10 per month Operating Expenses (CAM) - $250 per month What would be the year-end CAM, Insurance, and Tax reconciliation billing and/or credit for Rick's Seafood?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:It's March 2024 and you are a property
manager of a 125,000 sq. ft. mixed-use
property. You have been tasked to send
out CAM, Property Tax and Insurance
reconciliation letters for 2023. The
following were actual expenses for the
calendar year 2023: Operating Expenses
(Recoverable) are $100,000 Annual Taxes
are $150,000 Annual Insurance is
$10,000 Rick's Seafood leased a 5,000
sq. ft. space and pays his pro-rata share
of CAM, Tax, and Insurance based on
GLA. He paid the following monthly
estimated charges in 2023 for CAM, Tax,
and Insurance. Taxes - $500 per month
Insurance $10 per month Operating
Expenses (CAM) - $250 per month What
would be the year-end CAM, Insurance,
and Tax reconciliation billing and/or
credit for Rick's Seafood?
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