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zalisa [80]
3 years ago
12

On October 1, Vista View Company rented warehouse space to a tenant for $3,600 per month. The tenant paid five months' rent in a

dvance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is:
Business
1 answer:
Damm [24]3 years ago
7 0

Answer:

The adjusting entry needed on December 31 is:

Debit Unearned Rent revenue $10,800

Credit Rent Revenue $10,800

Explanation:

Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.

The tenant paid five months' rent in advance on October 1. From October 1 to December 31, Vista View Company had rented warehouse space to a tenant for 3 months.

The adjusting entry needed on December 31 is:

Debit Unearned Rent revenue $10,800  ($3,600 x 3 = $10,800)

Credit Rent Revenue $10,800

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2 years ago
Carla Beverage Company reported the following items in the most recent year. Net income $44,400 Dividends paid 6,720 Increase in
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Answer:

$45,780  Operative Cash Flow  

$55,560  Cash Flow Ind Method  

Explanation:

$55,560  Cash Flow Ind Method  

$44,400  Net Income  

$4,350  Depreciation  

-$6,720  Dividends  

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$7,350  Accounts Payable  

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$4,350  Depreciation  

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$7,350  Accounts Payable  

To prepare the statement of cashflow it's necessary to calculate the difference between the balance on each year.

First we need the value of the Net Income and Depreciation of the year as initial value of the cash flow ($55,560+$4,350),  

then we deduct the amount of dividends paid during the year (-$6,720).  

Then we begin to calculate the Assets section, everytime that the Assets are higher than the past year we have to put money  

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The Cash provided by the operative activities try to find the cash inflows and outflows caused by the company's operations,  

so it only includes the income statement and from the balance the deviation in the Accounts Payable, Inventories,  

Depreciation and the account payable segment.  

This statement doesn't include Sales and purchases of assets, dividend distributions and financial movements because this are among the  

non operating activities that affect cashflow.  

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