The pre-collection/advanced collection is P360,000. This is applicable fora six-month rental period starting Sept 30, 2020. The financial statementsto be prepared are dated December 31, 2020. How much is the unearnedincome to be reported in the financial statements?

From September 30, 2020 to December 31, 2020 = 3 months So the rental income for 3 months is…

Answered: The pre-collection/advanced collection…

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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The pre-collection/advanced collection is P360,000. This is applicable for a six-month rental period starting Sept 30, 2020. The financial statements to be prepared are dated December 31, 2020. How much is the unearned income to be reported in the financial statements?