Reference no: EM132518019

An entity receives rent for subletting part of its office block. The rent, receivables quarterly in advance, follows:

Date of receipt        Period covered           Amount

10/1/2017 3mos. to     12/31/2017             75,000

12/30/2017 3mos. to    3/31/2018            75,000

4/4/2018 3mos. to       6/30/2018            90,000

7/1/2018 3mos. to        9/30/2018          90,000

10/1/2018 3mos. to       12/31/2018         90,000

Question 1: What figures, based on these receipts, should appear in the entity's financial statements for the year ended nov. 30, 2018?

1. Income Statement?
2. Statement of Financial Position?