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Hallo,
May I ask, why when the word “total” is used below, in any such example, the total doesn’t include the prepayments and accruals, for me total, means everything, but here the prepmts and accruals are not in the total, why is it like this?
A company receives rent from a large number of properties. The total received in the year ended 30 April 2008 was $1,154,880.
The following were the amounts of rent in advance and in arrears at 30 April 2007 and 2008: 30 April 2007 30 April 2008
Rent received in advance 68,880 74,880
Rent in arrears (all subsequently received) 50,880 44,160Thank you!
It says ‘total received’.
This can only mean the total cash received. (They are probably receiving the rent monthly – the total received is the total cash received for the year)
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