What is mason total rental income

Assignment Help Accounting Basics

Reference no: EM13151964

Mason, an accrual basis taxpayer, owns a six-unit apartment building for which he receives rent of $600 per month per unit. In 2009, five of the units were rented for the entire twelve-month period. The sixth unit was occupied from January 1st through March 31st. Upon vacating the unit, the tenant was not refunded his security deposit of $400 due to damages to the unit. The unit was subsequently rented for one year beginning August 1, 2009. On August 1st, the new tenant paid the first and last month's rent and a refundable security deposit of $400. What is Mason's total rental income for 2009?

a. $40,800

b. $41,200

c. $41,800

d. $42,200

Reference no: EM13151964

Questions Cloud

What impact are these events expected to have on the economy : What do they perdict will happen to labor market participation rates in the comming years? What impact are these events expected to have on the economy's potential GDP and why?

What symbol is used in a chemical equation to represent : What symbol is used in a chemical equation to represent the following phrases? Select the symbol in blue and drag it into the appropriate bin

Calculate average value for random sample of rectangles : Choose at random one of the random sample averages of 5 rectangles. Calculate the average value for a random sample of 20 rectangles.

Calculation of gdp : An apparel manufacturer purchases cotton and other raw materials for the production of shirts. Would the sale of cotton from a cotton mill to the shirt manufacturer be included in the calculation of GDP? Why or why not?

What is mason total rental income : On August 1st, the new tenant paid the first and last month's rent and a refundable security deposit of $400. What is Mason's total rental income for 2009?

What is the structure of a compound of molecular formula : what is the structure of a compound of molecular formula c10h14o2 that shows a strong IR absorbtion at 3150-2850cm^-1 and gives the following HNMR absorptions

Compare with averages of judgment samples for group : Compute the average of the areas. How does this compare with your guess? How does it compare with the averages of the judgment samples for the others in your group?

Features of absorption costing : What characteristic of absorption costing caused the drop in net operating income for the second quarter and what could the controller have said to explain the problem?

What is the delta e for the reaction : delta H=483.6 kJ/mol If 2.0 moles of H2O(g) are converted to H2(g) and O2(g) against a pressure 1.0 atm at 145 degrees C, what is the delta E for this reaction?

User Account

All Pages