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german
3 years ago
14

The balance in the unearned fees account, before adjustment at the end of the year, is $12,960. Required: Journalize the adjusti

ng entry required if the amount of unearned fees at the end of the year is $6,960. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
Fittoniya [83]3 years ago
7 0

Answer:

The journal entry is shown below:

Explanation:

The journal entry for the following is as follows:

On December 31

Unearned Fees A/c........................Dr  $6,000

     Fees Earned A/c..............................Cr  $6,000

Being the adjusting entry is posted for the unearned fees.

The account of unearned fees is debited against the account of fees earned with the amount of $6,000.

Working Note:

Amount = Before adjustment amount - Unearned fees at the year end

where

Before adjustment amount is $12,960

Unearned fees at the year end is $6,960

Putting the values above:

Amount = $12,960 - $6,960

= $6,000

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Answer:

Please see below

Explanation:

In order to calculate the operating cash flow, we will get the value of net income. The income statement is calculated as;

Sales

$125,000

Less :

Costs

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Depreciation

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EBIT

$53,200

Less tax 35%

($18,620)

Net income

$34,580

1. Using the tax shield method

OCF = (Sales - Costs)(1 - Tax) + Tax(Depreciation)

OCF = ($125,000 - $59,000)(1 - 35%) + 35%($12,800)

OCF = ($66,000)(0.65) + $4,480

OCF = $42,900 + $4,480

OCF = 47,380

2. Using the financial calculation

OCF = EBIT + Depreciation - Taxes

OCF = $53,200 + $12,800 - $18,620

OCF = $47,380

3. Using the top down approach

OCF = Sales - Costs - Taxes

OCF = $125,000 - $59,000 - $18,620

OCF = $47,380

4. Using the bottom up approach

OCF = Net income + Depreciation

OCF = $34,580 + $12,800

OCF = $47,380

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3 years ago
The importance of financial managers to firms with large cash inflows is greater than for firms with smaller cash flows. true fa
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The adjustment to record supplies used during the period would​ be:
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3 years ago
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Answer: Please find answers in explanation column

Explanation:

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     Account                                               Debit           Credit  

1) Work in process-Refining department $385,000  

            Raw           Materials                                            $385,000

To record flow of  labour cost

Account                                                         Debit           Credit  

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          Wages payable                                $143,000

To record applied factory overhead

Account                                                           Debit           Credit  

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Entry to record the transfer of production costs to the second department, Sifting.

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