Reference no: EM132668664
Under the accrual basis, the rental income of Patrick Company for 2X20 is P600,000.
Additional information regarding rental income are presented below:
Unearned rental income, January 1, 2X20 P50,000
Unearned rental income, December 31, 2X20 75,000
Accrued rental income, January 1, 2X20 30,000
Accrued rental income, December 31, 2X20 40,000
Problem 1: Under the cash basis, how much rental income should be reported by Patrick Company in 2X20?
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