Question
Countryside Acres Apartment Complex had the following transactions during the year 2018: Rental income collected for Apts A-F $216,000 12 months prepaid rental from new
Countryside Acres Apartment Complex had the following transactions during the year 2018:
Rental income collected for Apts A-F | $216,000 |
12 months prepaid rental from new tenant in Apt G who moved in on November 1 | 36,000 |
Operating expenses (except for interest) | 24,000 |
Prepaid interest on bank loan, paid in December, for 6 months (including December) | 10,200 |
Using the accrual method, calculate the net income:
Rental income Apts A-F | ________ |
Rental income from new tenant | ________ |
Total income | ________ |
Operating expenses (except for interest) | ________ |
Prepaid interest | ________ |
Total expenses | ________ |
Total net income | ________ |
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