Exercise : Working Backward: Rent Receivable
Randy's Rentals reported the following on its year-end balance sheets:
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December 31,
2014
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December 31,
2013
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Current Assets: Rent receivable
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$55,000
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$35,800
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Randy's rents space to a number of tenants, all of whom pay their monthly rent on the 10th of the following month. Randy's reported rent revenue for 2014 of $64,200.
Required
How much cash did Randy's collect from its tenants during 2014? Explain your answer.