A company receives rent from a large number of properties. The total received in the year ended 31 October 2002
was $481,200.
The following were the amounts of rent in advance and in arrears at 31 October 2001 and 2002:
31 October 2001 31 October 2002
$ $
Rent received in advance 28,700 31,200
Rent in arrears (all subsequently received) 21,200 18,400
What amount of rental income should appear in the company’s income statement for the year ended 31 October
2002?
A $486,500
B $460,900
C $501,500
D $475,900

D