Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hannibal apartments company credits advances from

Hannibal Apartments Company credits Advances from Tenants whenever a payment is received from tenants. It...

50.1K

Verified Solution

Question

Accounting

Hannibal Apartments Company credits Advances from Tenants whenever a payment is received from tenants. It prepares annual financial statements but no monthly reports. At the start of the year the Advances From Tenants account had a balance of $10,600. During the year rent payments of $52,000 were received from tenants. At the end of the year an analysis of individual tenant accounts shows that $11,540 of monies received during the year were appropriately to cover next years rent and should be set up as Advances from Tenants. What is the proper amount of rental revenue for Hannibal to show in its income statement this year

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Describe and discuss the advantages and disadvantages of financing with long-term debt and prepare examples showing...

Finance
Q

List the conditions to be met for a thermodynamic process to be accurately described as a...

Mechanical Engineering
Q

Why we need high gain Receiver RF Amplifier? Justify with an example.

Electrical Engineering
Q

Around each word s each sign For Example Yield 1 2 3 4 YIELD NO...

Biology
Q

the place of the listener Speed of sound in air 320 m s 12 51...

Physics
Q

The figure shows a medicine wheel which is a Native The central angle in Type...

Basic Math
Q

A family plan for a cell phone has a monthly base price of 99 plus...

Statistics
Q

Question 6 of 29 - /1 View Policies Current Attempt in Progress At the...

Accounting
Q

Pina Enterprises provides the following information relative to its defined benefit pension plan. ...

Accounting
Q

Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4...

Accounting
Q

Do you think it makes sense to separate product costs from period costs for management...

Accounting
Q

AirQual Test Corporation provides on-site air quality testing services. The company provided the following cost...

Accounting