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Ira Lisetskai [31]
2 years ago
13

Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $400. The fund wa

s last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4 Freight charge for merchandise purchased $ 62 December 7 Delivery charge for shipping to customer $ 46 December 12 Purchase of office supplies $ 30 December 18 Donation to charitable organization $ 51 If, in addition to these receipts, the petty cash fund contains $201 of cash, the journal entry to reimburse the fund on December 31 will include:
Business
1 answer:
Sergio [31]2 years ago
7 0

Answer:

A credit to Cash of $299

Explanation:

Journal Entry                     Debit    Credit

Merchandise inventory      $62

Delivery charges                 $46

Office supplies                    $30

Miscellaneous expenses    $51

Cash over and short             $100

Cash                                                   $299

Cash to be reimbursed = Minimum cash balance required - Cash balance left

Cash to be reimbursed = $500 - $201

Cash to be reimbursed = $299

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The account receivable turnover measures: Multiple Choice All of the options are correct. How often, on average, receivables are
denpristay [2]

Answer:

How often, on average, receivables are received and collected during the period

Explanation:

An account receivable is an accounting entry that measures the amount which a firm or organization will receive soon that is not paid yet by the customers. Likewise, account receivable turnover measures the average amount received and collected in a particular period. It helps to understand the average receivable amount and what must be changed to improve it.

6 0
2 years ago
Hsung Company accumulates the following data concerning a proposed capital investment: cash cost $175,846, net annual cash flows
Luba_88 [7]

Answer:

11400

the investment should be made because NPV is positive

Explanation:

Net present value is the present value of after-tax cash flows from an investment less the amount invested.

NPV =( Net annual cash flows x present value factor)  - cost

(37300 x 5,02 ) - $175,846 = 11400

5 0
2 years ago
A U.S. exporter sells $150,000 of furniture to a Latin American importer. The exporter requires the importer to obtain a letter
grandymaker [24]

Answer:

5.52%

Explanation:

Cost of Furniture= $150,000

discount= 5.25% (120-day note)

To get the exporter's true effective annual financing cost, we have:

150,000*[1-(0.0525*120/360)] = 147,375

=(150,000/147,375) 365/120-1 = 5.52%

Therefore, the exporter's true effective annual financing cost is 5.52%

6 0
2 years ago
Assuming that Novartis AG (NVS) has a book value of $5.55, based upon the average price - to - book ratio for its competitors, N
astraxan [27]

Answer:

The correct option : D)

<u> $ 44.35 </u>

Explanation:

Price Earning ( P/E) Ratio is computed as : Market Price of the Stock / Earnings per Share (EPS) or

Market price of the stock = P/E Ratio x EPS

Market price of Novartis share = 13.24 x $ 3.35 = $ 44.35

Price to Book ( P / B) :

Go to the balance sheet of the company. Find out the book value of stockholders' equity. Divide the value by the number of common shares outstanding. That would give you the book value of each common share. Divide the market price of the stock by its book value. This is the P/B ratio.

3 0
2 years ago
Sound Company reported the following amounts for May, 2008: Direct materials purchased $254,000 Beginning raw materials inventor
Yakvenalex [24]

Answer:

$254,100

Explanation:

The computation of the  cost of direct materials used in production is shown below:

=  Direct materials purchased + Beginning raw materials inventory  - Ending raw materials inventory - Indirect materials requisitioned and used

= $254,000 + $12,000 - $7,900 - $4,000

= $254,100

Hence, all the other information is not considered. Therefore, ignored it

6 0
2 years ago
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