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It is tricky to me when I see those kind of questions within this chapter.
Here my question:
B is a LLC, receives rent for subletting part of its office premises to a number of tenants.
In the year ended 31 Dec X4, B received cash of 318600 from its tenants.
Details of rent in advance and rent in arrears at the beginning and end 20X4 as follows:
……………………………………………………………….31 Dec X4….31Dec X3
Rent in advance…………………………………………..28400……24600
Rent owing by tenants…………………………………18300……16900
All rent owing was subsequently received
What figure for rental income should be included in the SOCI for B in 20X4 ??Thanks
@Loc, try to add or deduct every figure.
Figure for rental income for 2004:
318,600 – cash received for the period
+24,600 – cash received for rent in 2003, but that was payment for 2004, so B needs to add it
(16,900) – this figure is included in 318,600, but refers to rent subletted during 2003
(28,400) – this figure is included in 318,600, but dedicates to rent in the next 2005 year
+18,300 – cash, that will be received in 2005, but dedicates to rent subletted during 2004Total figure for rental income that should be included in SOCI for B in 2004: $216,200.
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