Question
During 2021, Ms. Jessica Roberts owns a residential rental property. Rental receipts and expenses, not including CCA, for year ending December 31, 2021 are as
During 2021, Ms. Jessica Roberts owns a residential rental property. Rental receipts and expenses, not including CCA, for year ending December 31, 2021 are as follows:
124 Glengarry Avenue
Rental Receipts $50,400
Property Taxes 12,400
Interest Charges 24,000
Other Expenses (Not including CCA) 5,400
Maximum CCA for this building is calculated at $6,600
Required:Calculate Ms. Robert's minimum rental income for 2021
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Introduction To Financial Accounting
Authors: Charles T Horngren, John A Elliott
9th Edition
0131479725, 978-0131479722
