Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,100. Fragmental collected the entire $8,800 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be:

a. A debit to Cash and a credit to Rent Revenue for $8,800.
b. A debit to Unearned Rent and a credit to Rent Revenue for $3,300.
c. A debit to Unearned Rent and a credit to Rent Revenue for $5,500.
d. A debit to Rent Revenue and a credit to Unearned Rent for $3,300.
e. A debit to Rent Revenue and a credit to Cash for $3,300.

In three to four sentences, explain the effect of a price ceiling on the quantity of a good and who this intervention intends to assist

Suppose jamal purchases a pair of running shoes online for $60. if his state has a sales tax on clothing of 6 percent, how much is he required to pay in state sales tax?

Grant, inc., acquired 30% of south co.’s voting stock for $200,000 on january 2, year 1, and did not elect the fair value option. the price equaled the carrying amount and the fair value of the interest purchased in south’s net assets. grant’s 30% interest in south gave grant the ability to exercise significant influence over south’s operating and financial policies. during year 1, south earned $80,000 and paid dividends of $50,000. south reported earnings of $100,000 for the 6 months ended june 30, year 2, and $200,000 for the year ended december 31, year 2. on july 1, year 2, grant sold half of its stock in south for $150,000 cash. south paid dividends of $60,000 on october 1, year 2. before income taxes, what amount should grant include in its year 1 income statement as a result of the investment?