Answer:
Balance = $1,650
Explanation:
As Norma company has paid 4 months rent in advance, therefore at the end of June, norma company will record its 1-month expense as follows
Adjusting entry at the end of June would be
DEBIT CREDIT
Entry
Rent Expense $550
Prepaid Rent $550
The balance on Norma's prepaid expense would be
Prepaid Rent = $2200
Rent Expense = ($550)
Balance = $1,650
The time taken to break even at buying 1 point will be in<u> 9 years</u>.
Given,
- Monthly mortgage payment =$958
- Monthly payment will be reduced to buy 1 point =$948.75
- Cost of each point =$1,000
Computation:
1. The computation of the reduced amount in the monthly mortgage payment:
2. The computation of yearly mortgage payment:
3. The computation of the number of years for the break-even by buying 1 point:
Therefore, to break even by buying 1 point the holder requires 9 years to reach.
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Answer:
$87,120
Explanation:
The calculation of the deferred tax asset for the NOL carryforward is given below:
= (Year 2021 loss - Year 2022 income) × tax rate applicable for all years
= ($600,000 - $358,000) × 36%
= $242,000 × 36%
= $87,120
Since in a year 2021 it is a loss and the income in year 2022 that is to be adjusted and the same is considered in the computation part
Hence, the deferred tax assets for the NOL carryforward is $87,120
Answer:
Yes, with Landis' permission
Explanation:
Yes, with Landis' permission.
Any major modifications to a property leased must be done with the knowledge and permission of the landlord. In the case of Thomas(Tenant), the permission of Landis (Landlord) must be sought before Thomas can install the smart light and security system on the property.
