Question
(TCO E) Art Jones owns and operates an apartment building. During 2017, he received the following. Payment on 6/1/17 for 12 months of advance rent:
(TCO E) Art Jones owns and operates an apartment building. During 2017, he received the following.
Payment on 6/1/17 for 12 months of advance rent: $48,000
Monthly rent payments: $43,200
Security deposits to be returned to tenants at end of lease: $3,000
Payments for canceling a lease: $400
What is Art's gross rental income for 2017?
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather
8th Edition
0470929383, 978-0470929384
