In december 2012 a taxpayer leased out property for three, Ask an Expert

Accounting

In December 2012, a taxpayer leased out property for three years, receiving $600 for the December rent and $600 for January's rent. A refundable security deposit of $500 was also received. How much rental income should be reported in 2012?

a. $600

b. $1,100

c. $1,200

d. $1,700

e. None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942783

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