Ralph, an accrual basis taxpayer, owns an office building that he leases tovarious tenants. During 20X8, he signed a three - year lease with a tenantand received a check forS16, 000 for the following:Rent for November 1, 20X8 to October 31, 20X9 S12, 000Advance rent for the last three months of the lease S3, 000Security deposit (refundable) Sl, 000How much income must Ralph report for 20X8 ?Group of answer choices S15, OOOS16, OOOS6, oooS2, oooS5, ooo
Ralph, an accrual basis taxpayer, owns an office building that he leases tovarious tenants. During 20X8, he signed a three - year lease with a tenantand received a check forS16, 000 for the following:Rent for November 1, 20X8 to October 31, 20X9 S12, 000Advance rent for the last three months of the lease S3, 000Security deposit (refundable) Sl, 000How much income must Ralph report for 20X8 ?Group of answer choices S15, OOOS16, OOOS6, oooS2, oooS5, ooo
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ralph, an accrual basis taxpayer, owns an office building that he leases to
various tenants. During 20X8, he signed a three - year lease with a tenant
and received a check forS16, 000 for the following:
Rent for November 1, 20X8 to October 31, 20X9 S12, 000
Advance rent for the last three months of the lease S3, 000
Security deposit (refundable) Sl, 000
How much income must Ralph report for 20X8 ?
Group of answer choices
S15, OOO
S16, OOO
S6, ooo
S2, ooo
S5, ooo
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