Question
Blake Corporation uses the accrual basis of accounting. Its fiscal year is from January through December. On July 1 of the current year, the company
Blake Corporation uses the accrual basis of accounting. Its fiscal year is from January through December. On July 1 of the current year, the company receives rental income of $22,800 for a 1year lease of office space in its building. At the end of the fiscal year, what amount of rental income is reported on its income statement?
a.$15,200
b.$11,400
c.$0
d.$22,800
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Olds
8th edition
978-1259569197
