Garcia Corporation received cash of $60,000 on August 1, 2017 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2017 adjusting entry is debit Rent Revenue and credit Unearned Rent Revenue, $25,000. debit Rent Revenue and credit Unearned Rent Revenue, $35,000. debit Unearned Rent Revenue and credit Rent Revenue, $25,000. debit Cash and credit Unearned Rent Revenue, $35,000. An accrued revenue can best be described as an account collected and not currently matched with expenses. collected and not currently matched with expenses not collected and currently matched with expenses. not collected and not currently matched with expenses. For Mortenson Company, the following information is available: Cost of goods sold $390,000 Dividend revenue 15,000 Income tax expense 36,000 Operating expenses 136,000 Sales revenue 600,000 In Mortenson's single-step income statement gross profit should not be reported. should be reported at $51,000 should be reported at $210,000 should be reported at $225,000 Lantos Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement? Sales revenue $ 1,000,000 Cost of goods sold 600,000 Salaries and wages expense 80,000 Depreciation expense 110,000 Dividend revenue 90,000 Utilities expense 10,000 Discontinued operations loss 100,000 Interest expense 20,000 $108,000 $68,000 $72,000 $32,000 Balance sheet information is useful for all of the following except assessing a company's risk evaluating a company's liquidity evaluating a company's financial flexibility determining free cash flows