Answered: Suysan Company owns an office building…

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

Suysan Company owns an office building and leases the office under a variety of rental agreements involving rent paid in advance monthly or annually. Not all tenants make timely payments of their rent. Suysan’s balance sheets contained the following data: 2018 Rental Receivable: P192,000 2019 Rental Receivable: P248,000 2018 Unearned Rentals: P640,000 2019 Unearned Rentals: P480,000 During 2019, Suysan received P1,600,000 from tenants. What amount of rental revenues should Suysan record for 2019?

P1,708,000

P1,332,000

P1,816,000

P1,440,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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