On August 1, 2021, Vixen Ltd. received $54,000 cash from a tenant for one year of rent in advance, and recorded the transaction as unearned revenue. The December 31, 2021 required adjusting entry for this transaction would be: Question 5 options: DR Rent revenue 31,500; CR Unearned revenue 31,500 DR Unearned revenue 22,500; CR Rent revenue 22,500 DR Rent revenue 22,500; CR Unearned revenue 22,500 DR Unearned revenue 31,500; CR Rent revenue 31,500
On August 1, 2021, Vixen Ltd. received $54,000 cash from a tenant for one year of rent in advance, and recorded the transaction as unearned revenue. The December 31, 2021 required
Question 5 options:
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DR Rent revenue 31,500; CR Unearned revenue 31,500 |
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DR Unearned revenue 22,500; CR Rent revenue 22,500 |
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DR Rent revenue 22,500; CR Unearned revenue 22,500 |
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DR Unearned revenue 31,500; CR Rent revenue 31,500 |
Beachroamers Inc. decided to discontinue its sculptured driftwood division on June 30, 2021. From January through June of 2021, the division had a loss of $25,000 before operations were stopped. The assets of this division have a carrying value of $575,000, and the company is actively marketing the sale of the division for $550,000, less selling costs of $5,000. Beachroamer's corporate tax rate is 25%. On December 31, the company has not yet received an offer on the division. At what amount should the division be recorded on the balance sheet on December 31?
Question 6 options:
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$545,000 |
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$550,000 |
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$436,000 |
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$440,000 |
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