Sanford Bernhard
Feb 16, 2025
Under the accrual basis, Marr should report rental revenue of?
Marr Corp. reported rental revenue of $2,210,000 in its cash basis federal income tax return for the year ended November 30, 2006. The following additional information is provided:
- Rents receivable as of November 30, 2006: $1,060,000
- Rents receivable as of November 30, 2005: $800,000
- Uncollectible rents written off during the fiscal year: $30,000
Based on the accrual basis of accounting, what amount should Marr report as rental revenue?
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