(Solved Homework): Your examination of Sullivan company's recoreds, provides the following information for…

Your examination of Sullivan company’s recoreds, provides the following information for December 31. Year in adjustments

Annual Straight Line depreciation for the comapy’s equipment is based on a cost of $30000, an esitmated life of 8 years and an estimated residual value of $2000

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The company has satified performance obligations entitleling it to rent in the amount of $1000.

the income tax rate is %30 on current income and it is payable in the first quarter of the year. The pre tax income before the preceeding adjusting entires is $6800.

Prepare the adjusting entries to reocrd the preceeding information.

Expert Answer

 

Trans. Accounts Title Dr Cr
a) Depreciation expenses 3500
Accumulated Depreciation-Equipment 3500
(30000-2000)/8
b) Rent receivable $1,000
Rent Revenue $1,000
c) Income tax expense 1290
Income tax payable 1290
(6800-3500+1000)*.3

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