answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Aleksandr [31]
1 year ago
14

Assume that the custodian of a $675 petty cash fund has $137.50 in coins and currency plus $517.50 in receipts at the end of the

month. The entry to replenish the petty cash fund will include:
Business
1 answer:
frutty [35]1 year ago
8 0

Answer:

Entry to replenish

Dr. Expenses              $517.5

Dr. Cash Short            $20

Cr. Cash (675-137.5)  $537.5

Explanation:

Petty cash is a small amount of fund which is kept in the business for day to day expenses. Cash is issued from this fund for daily small expense which is not appropriate to withdraw from the bank by check.

The difference between the expenses receipts and cash outflow is cash excess or short.

In this question there is a cash shortage because the cash payment is more than the receipt received / available.

You might be interested in
Willow Springs produces various wooden bookcases, tables, storage units, and chairs. Which of the following would be included in
DENIUS [597]

Answer: The correct answer is "e. Transfer of chairs from the assembly line to the staining facility and storage of completed bookcases in inventory. ".

Explanation: The statement "e. Transfer of chairs from the assembly line to the staining facility and storage of completed bookcases in inventory. " would be included in a listing of the company's non-value-added activities.

An activity is everything that consumes resources. The resources consumed can be tangible (materials, time, money) and intangibles (mood, effort, illusion).

Value is what someone appreciates. In economic activities we refer to value as "what someone is willing to pay" for your product. That someone would be the customer. If the Client does not pay it, it is because he does not appreciate it, it does not give it value.

<u>In this case, the activities that do not clearly generate value are "transfer" and "storage". Although there are activities that do not generate value but are necessary such as transfer, storage could be eliminated or optimized so that it is not an activity that limits production or increases costs.</u>

6 0
2 years ago
Raner, Harris &amp; Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm h
Snezhnost [94]

Answer:

The Break Even Point is the Sales Value that will cover the cost of production. Meaning the Sales Value that will bring profitability to Zero

Break Even sales for Company wide =  $378,000

Break Even Value for Chicago is $111,429

And Break Even Value for Minneapolis is $120,000

The Addition of both Outlets/Offices Break Even Sales is less than the Company-wide because the Offices don't share in the Common Fixed Expense as these are specific to Group reporting.

Explanation:

6 0
2 years ago
Ronen Consulting has just realized an accounting error that has resulted in an unfunded liability of $ 398 comma 930 due in 28 y
Sladkaya [172]

Answer:

Present value of Liability is $59,989

Explanation:

Money does not have the same value in future as it has today. The present value calculates the today's value of any that cash flow will be made in future.

Liability = FV = $398,930

Number of years = n = 28 years

Discount rate = r = 7%

Present value = FV / ( 1 + r )^n

Present value = $398,930 / ( 1 + 0.07 )^28

Present value = $398,930 / 6.65

Present value = $59,989.47

3 0
2 years ago
The next two questions pertain to the problem below: You researched Jersey Kids Corp on Yahoo Finance and you found the followin
Leona [35]

Answer:

The current stock price of Jersey Kids Corp in 2021 is expected to be $39.02.

Explanation:

The current stock price of Jersey Kids Corp in 2021 can be calculated using the formula for the dividend discount model as follows:

P2021 = D2022 / (r - g) ............................ (1)

Where,

P2021 = current stock price in 2021 = ?

D2020 = Annual dividends per share paid in 2020 = $3.00

D2021 = Annual dividends per share paid in 2021 = D2020 * (1 + g) = $3 * (1 + 0.02) = $3.06

D2022 = Annual dividends per share paid in 2022 = D2021 * (1 + g) = $3.06 * (1 + 0.02) = $3.1212

r = required return = 10%. or 0.10

g = growth rate = 2% = 0.02

Substituting the values into equation (2), we have:

P2021 = $3.1212 / (0.10 - 0.02)

P2021 = $3.1212 / 0.08

P2021 = $39.02

Therefore, the current stock price of Jersey Kids Corp in 2021 is expected to be $39.02.

7 0
1 year ago
Effectuation é um processo desenvolvido pela professora Saras Sarasvathy, da Universidade da Virgínia (EUA), que serve para orie
Viktor [21]
So sis yes yes yes trees yes yeah tax yeah yeah yeah yeah yeah trash trash
5 0
2 years ago
Other questions:
  • 1.Fletcher Company collected the following data regarding production of one of its products. Compute the total direct materials
    6·1 answer
  • Symon's Suppers Co. has announced that it will pay a dividend of $4.23 per share one year from today. Additionally, the company
    14·1 answer
  • A(n) _______ can track where the user goes on the Internet and measure how long the user stays at any particular website. This t
    13·1 answer
  • Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 w
    15·1 answer
  • Singapore has granted a(n) _____ on the importation of beer and stout made in the Philippines. This means that beer and stout ma
    13·1 answer
  • An operations manager observes a new production process. Based on production of the first 32 ​units, the manager estimates that
    12·1 answer
  • A company uses direct labor costs as it allocation base. Management estimates the company will incur $150,000 of direct labor co
    5·1 answer
  • One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ tr
    8·1 answer
  • To _____ an activity means to shorten the time it will take. A. smash B. fund C. crash D. aggregate E. matrix
    6·1 answer
  • Agnes works for STARQUEST LTD in the IT department. Her supervisor is Morges. Agnes is very good at her job and Morges fears thr
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!