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Vladimir79 [104]
3 years ago
11

A seller received a rental payment of $100 in advance. At closing, the seller has "earned" only $32 of this rent. What should ap

pear on the closing statement?
Business
1 answer:
allsm [11]3 years ago
3 0

Answer:

$68 appears as the amount unearned but received (or still paid in advance) in the closing statement

Explanation:

Amount received in advance = $100

Amount earned = $32

Amount (in advance at closing) is the difference between the amount originally paid in advance and the amount earned

Amount (in advance at closing) = $100 - $32

                                                    = $68

The amount that will appear in the closing statement as rental payment still in advance is $68.

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2 years ago
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Answer:

Effect on income= $15,000 favorable

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