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Zinaida [17]
2 years ago
7

EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $312 in cash along with receipts for the follow

ing expenditures: transportation-in, $120; postage expenses, $369; and miscellaneous expenses, $240. The petty cashier could not account for a $9 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund, and (3) June 1 entry to increase the fund to $1,200. View transaction list Journal entry worksheet 2 Record the May 2 entry to establish the fund.
Business
1 answer:
fredd [130]2 years ago
7 0

EcoMart establishes General Journal

May 2

Dr Petty cash 1050

Cr Cash 1050

May 30

Dr Merchandise inventory 120

Dr Postage expense 359

Dr Miscellaneous expenses 240

Dr Cash short and over 9

Cr Cash728

June 1

Dr Petty cash 150

Cr Cash 150

Workings:

May 30,Merchandise inventory 120+ Postage expense 359+ Miscellaneous expenses 240+ Cash short and over 9 = $728

June 1

1050-1200= 150

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dlinn [17]

Answer: Tom and Cindy paid 1.5 discount points.

House Value = $300,000.

Loan-to-Value Ratio (LTV) = 80%

Since LTV is 80%, the total loan (mortgage) value is :

Mortgage Value = House Value * LTV

Mortgage Value = $240,000 (300,000*0.80)

In the real estate context, a point refers to one percent (1%) of the mortgage amount. There is no rule that these points should be in whole numbers.

We can find the number of points paid as follows:

No. of points paid = (Value of points in dollars /Value of mortgage) *100

No. of points paid = (\frac{3600}{240000} )* 100 [/tex][tex] No. of points paid = 1.5 points.

There are two types of points:

  1. Discount Points: are actually pre-paid interest on the mortgage loan, and help in lowering the interest rate on the mortgage.
  2. Origination points : help in covering the costs incurred by the lender in processing the loan.
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2 years ago
Jenna’s supervisor was lamenting the fact that their company could not simultaneously meet the needs of their existing customer
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the S-T-P approach (market segmentation)

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Segmenting, targeting, positioning is a well-known marketing model applicable when addressing a diverse customer base. It is synonymous with <em>market segmentation.</em>

In order for Jenna's plan to be effective, it has to tackle each target group specifically, according to their own characteristics, preferences and habits. That way, the company can tailor their marketing efforts towards each target group respectively.

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Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for
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Explanation:

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Answer:

B)Unqualified applicants will need explanations about why they did not get the job.

Explanation:

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1 year ago
The Darwin Company reports the following information that occurred during the current period: Sales commissions expense $15,600
ch4aika [34]

Answer:

The Darwin Company

Calculation of Manufacturing Overhead costs:

= $17,200

Explanation:

a) Data and Calculations:

Depreciation on factory equipment        $4,700

Indirect labor                                              5,900

Factory rent                                                4,200

Factory utilities                                            1,200

Indirect materials used                               1,200

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