On July 1,2001,ABC Inc. leased a low valued asset from Titan Corp. under a 3 year operating lease. Total rent for the term of the lease will be 36,000 payable as follows: 12 months at 500=6000 12 months at 750= 9000 12 months at 1750= 21000 All payments were made when due. In Titan's June 30,2003 bakance sheet, what amount should be reported as accrued rent receivable? a. 6000 b. 9000 c. 15000 d. 21000

On July 1,2001,ABC Inc. leased a low valued asset from Titan Corp. under a 3 year operating lease. Total rent for the term of the lease will be 36,000 payable as follows: 12 months at 500=6000 12 months at 750= 9000 12 months at 1750= 21000 All payments were made when due. In Titan's June 30,2003 bakance sheet, what amount should be reported as accrued rent receivable? a. 6000 b. 9000 c. 15000 d. 21000

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter11: Notes, Bonds, And Leases

Section: Chapter Questions

Problem 9Q

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