Based on the Following Data, Compute the Amount of Rent

question 125

Essay

Based on the following data, compute the amount of rent revenue that should be reported on the 2002 income statement. Show computations.
Balance of account at: $\begin{array} { | l | l | l | } \hline & \text { DeC. 31, 2007 } & \text { DeC. 31, 2008 } \\\hline \text { Rent receivable } & \$ 4,000 & \$ 3,000 \\\hline \text { Rent revenue collected in advance } & 3,600 & 2,000 \\\hline \text { Cash collected during 2002: } & & \$ 160,000 \\\hline\end{array}$ 2002 rent revenue is $______________________.

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