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Financial & Managerial Accounting
Found in: Page 160
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.

A. Current assets E. Current liabilities

B. Long-term investments F. Long-term liabilities

C. Plant assets G. Equity

D. Intangible assets

11. Rent receivable

The correct answer is A, Current assets.

See the step by step solution

Step by Step Solution

Definition of Rent

The amount earned or paid for using someone else assets are known as rent of the asset. Rent is the revenue for the owner of the asset while expense for the user of the asset.

Reason for choice

Rent is generally receivable within one accounting period, so it should be reported under the current asset section of the balance sheet. If the rent is receivable generally after one accounting period, then it should be reported as the long-term asset in the balance sheet.

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