Question
A company receives rent from a large number of properties. The total received during the year ended on April 30, 2016 was $481,295. The following
A company receives rent from a large number of properties. The total received during the year ended on April 30, 2016 was $481,295.
The following were the amounts of unearned rent and rents receivable at April 30, 2015 and 2016:
| April 30, 2015 | April 30, 2016 |
Unearned Rent | $28,700 | $31,255 |
Rents receivable, net | $21,255 | $18,400 |
Rents receivable, net represents the net realizable value of rents receivable. The firms income statement for the fiscal year ended on April 30, 2016 shows $500 bad debt expenses related to rents receivable. The company wrote off $5,000 rents receivable during the fiscal year ended on April 30, 2016. What amount of rental revenues should appear in the companys income statement for the year ended on April 30, 2016?
For your answer, make sure to put the number without dollar signs ($), commas (,), periods (.), and decimal points. Again, please state the number only without dollar signs, commas, periods, and decimal points for your answer. For example, if the answer happens to be 12345, then you must simply put 12345
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