Business, 06.05.2020 01:49 animerocks07

27. Greg Owens owns a four-flat building. Last year, he recorded the following items:
Rent received from tenants for the current year $92,000
Rent received from tenants for the prior year 12,000
Rent received from tenants for the next year 4,000
Security deposits received from tenants 16,000
Expenses paid 50,000
Rent due but uncollected for current year 10,000
His gross rental income, depending on whether he is on the cash or accrual basis, amounted to:
a. Cash: $104,000; accrual: $106,000
b. Cash: $108,000; accrual: $106,000
c. Cash: $108,000; accrual: $108,000
d. Cash: $124,000; accrual: $92,000

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27. Greg Owens owns a four-flat building. Last year, he recorded the following items:
Rent rec...