On May 1, 2021, FDNACCT Co. received one-year rent in advance of P150,000 from one tenant. At the end of the year, how much should be reflected as the earned portion of rent for the year ended December 31, 2021?
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- The pre-collection/advanced collection is P360,000. This is applicable for a six-month rental period starting November 1, 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?Oriole Company sublet a portion of its warehouse for five years at an annual rental of $71400, beginning on May 1, 2025. The tenant, Elizabeth Brown, paid one year's rent in advance, which Oriole recorded as a credit to Unearned Rent Revenue. Oriole reports on a calendar-year basis. The adjustment on December 31, 2025 for Oriole should beThe pre-collection/advanced collection is P60,000. This is applicable for a six- month rental period ending January 31, 2021. The financial statements to be prepared is dated December 31, 2020. What is the income and unearned income amounts that would be reported in the financial statements, respectively?
- Betina Apparael Inc., operates a retail store and must determine the proper December 31, 2019, year-end accrual for the following expenses: The store lease calls for fixed rent of P1,000 per month, payable at the beginning of the month, and additional rent equal to 6% of net sales over P200,000 per calendar year, payable on January 31 of the following year. Net sales for 2019 are P800,000. Betina has personal property subject to a city property tax. The citys fiscal year runs from June 1 to June 30 and the tax, assessed at 3% of personal property on hand at April 30, is payable on June 30. Betina estimates that its personal property tax will amount to P6,000 for the citys fiscal year ending June 30, 2020.How much accrued expenses should Betina report in its Statement of Financial Position?Under accrual basis, rental income of Kamahal-Mahal Company for the year 2020 is P600,000. Additional information regarding the rental income are as follows: Unearned rental income, Jan. 1, 2020- P50,000 Unearned rental income, Dec. 31, 2020- P75,000 Accrued rental income, Jan. 1, 2020- P30,000 Accrued rental income, Dec. 31, 2020 P40,000 Under cash basis, how much is the rental income should be reported in year 2020? P585,000 P615,000 P625,000 P655,000On July 1, 2019, Park Company leased office space for ten years to Rudd at a monthly rental of $15,000, and received the following amounts as listed in the table below. Rude made timely rent payments through November 2019; the December rent was paid, together with January 2020 rent, on January 6, 2020. At December 31, 2019, park should report rent receivable of? First Month Rent $ 15,000 Security Deposit $ 25,000 a. $0 b. $ 5,000 c. $15,000 d. $30,000
- On November 30, 2021, the entity lent P45,000, receiving a promissory note to be collected after three months, together with the 20% interest. How much is the total liability related to this transaction at the end of 2021? Your answerLight Co. reported rent income of P600,000 under cash basis accounting for 2020. Additional information as follows: Unearned rental income, December 31, 2019, 50,000 Unearned rental income , December 31, 2020, 75,000 Accrued rental income , December 31, 2019, 30,000 Accrued rental income, December 31, 2020, 40,000 How much is the rental collection on 2020?FDN Trading is renting out a portion of its building. On July 1, 2022, it received a one-year advance rental for $355,000 from one of its tenants. The advance rent covers the period from July 1, 2022 to June 30, 2023. How much should be reported as Rent Income for the year ended December 31, 2022? Note: Round off final answer to the nearest peso.
- On December 31, 2019, Reuter Company has a balance of $98.75 in the FUTA taxes payable account. This representsthe employer’s liability for the fourth quarter taxes. Journalize the entry Reuter Company should make in January2020 to record the last transfer (payment) of FUTA taxes for 2019.How much should be shown in FIVE's 2021 income statement as gross rental income? * On December 31, 2021, FIVE Corporation signed an operating lease for a warehouse with Aye Company for ten years at P30,000 per year. Upon execution of the lease, Aye paid FIVE P60,000, covering rent for the first two years. FIVE closed its books on December 31 and correctly reported P60,000 as gross rental income in its 2021 income tax return.Under the accrual basis rental income of EL Company for the calendar year 2020 is P600,000. Additional information regarding rental income are presented below: Unearned rental income, January 1, 2020 P50,000 Unearned rental income, December 31, 2020 75,000 Accrued rental income, January 1, 2020 30,000 Accrued rental income, December 31, 2020 40,000 Under the cash basis, how much rental income should be reported by EL Company in year 2020? Group of answer choices d. P655,000 c. P625,000 b. P615,000 a. P585,000
