Question
Lync rented his house to a new tenant on September 1st for six months at $1,050 per month. The new tenant paid Lync the following:
Lync rented his house to a new tenant on September 1st for six months at $1,050 per month. The new tenant paid Lync the following:
Monthly rent for September to December Security deposit (which will also be the last month's rent) Pet security deposit (returned after the tenant moves out)
How much of the above amounts must Lync report as income this year?
a) $5,750 b) $5,250 c) $4,700 d) $4,200
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Managerial Accounting
Authors: Davis, Charles E., Elizabeth
1st Edition
0471699608, 978-0471699606
