Answer:
Sunland Inc.
Adjusting Journal Entries:
Account Titles and Explanation Debit Credit
Interest Expense $1,152
Interest Payable $1,152
To record accrued interest for 8 months.
Rent Revenue $2,600
Deferred Revenue $2,600
To record deferred rent revenue for 2 months.
Supplies Expense $1,570
Supplies $1,570
To record supplies expense for the period.
Explanation:
a) Data and Calculations:
1. Interest Expense $1,152 Interest Payable $1,152 ( $28,800 * 6% * 8/12)
2. Rent Revenue $2,600 Deferred Revenue $2,600 ($7,800 * 2/6)
3. Supplies Expense $1,570 Supplies $1,570 ($2,110 - $540)
b) The above adjusting journal entries are made in order to reverse the earlier entries made. The purpose is to bring the accounts in line with the accrual concept and the matching principle of generally accepted accounting principles. These require that expenses and revenues for the period are matched and recognized whether or not cash is exchanged.
Answer:
The correct answer is letter "D": R&D.
Explanation:
A SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a study of a firms' inner and outer advantages and disadvantages. In the case of the Eastman Kodak Company, mostly know just by Kodak, the strength that allowed the company to keep its operations up and running after the boom of photography digitizing is the importance they gave to investing in Research and Development (R&D). Before the 90s, Kodak made millionaire investments to develop technology in thermal printing in its picture maker kiosks.
Answer: D) Tax Court
Explanation:
Tax court of United States is court that is made for hearing tax-related issue and problem and then judgment is made on the disputes.According to the question, Rowanda should appeal to U.S. tax court for her tax disputer with IRS so that appropriate decision can be made in legal way.
Other options are incorrect because the United state's court of Appeals, federal claim and district are not the place where tax related disputes are legally handled and heard.Thus, the correct option is option(D).
Answer:
Option (a) is correct.
Explanation:
Given that,
Sales = $410,000
Costs = $284,000
Depreciation Expense = $510,000 × 0.1920]
= $97,920
Therefore,
Operating Cash Flow:
= [(Sales - Variable Costs - Fixed Costs) × (1 - Tax Rate)] + [Depreciation × Tax Rate]
= [($410,000 - 284,000) × (1 - 0.35)] + [$97,920 × 0.35]
= [$126,000 × 0.65] + [$97,920 × 0.35]
= $81,900 + $34,272
= $1,16,172
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