Gustav Schulze Realtors always collects rent in advance from its customers. The 2019 income statement for Gustav reports rent revenue of $42,000. Assume all rent is paid in cash. The related balance sheet accounts for the beginning and end of the year were:
Based on this information, the amount of cash collected during 2019 from Gustav's customers was:

Question

Gustav Schulze Realtors always collects rent in advance from its customers. The 2019 income statement for Gustav reports rent revenue of $42,000. Assume all rent is paid in cash. The related balance sheet accounts for the beginning and end of the year were:
 Based on this information, the amount of cash collected during 2019 from Gustav's customers was:

Quizplus · Accepted Answer

$7,000 + X - $42,000 = $13,000
X = $13,000 - $7,000 + $42,000
X = $48,000

Gustav Schulze Realtors Always Collects Rent in Advance from Its