Following are summarized transaction data for Luxury Apartments, Inc., for the year ending 2010 June 30. The company owns and operates an apartment building.
|
Rent revenue from building owned |
USD 150,000 |
|
Building repairs |
2870 |
|
Building cleaning, labor cost |
3185 |
|
Property taxes on the building |
4000 |
|
Insurance on the building |
1225 |
|
Commissions paid to rental agent |
5000 |
|
Legal and accounting fees (for preparation of tenant leases) |
1260 |
|
Utilities expense |
8225 |
|
Cost of new awnings (installed on June 30, will last 10 years) |
5000 |
Of the USD 150,000 rent revenue, USD 5,000 was not collected in cash until 2010 July 5. Prepare an income statement for the year ended 2010 June 30.