Answer:
I think financial markets can provide money to health and economic institutions in case they need it
Answer:
A well-developed and smoothly operating financial market is essential for healthy economic growth. Financial markets act as intermediaries between borrowers and investors and channel money into the economy.
Financial markets and money markets are efficient ways for companies and governments to collect money for their needs. Governments collect money for building public infrastructures such as roads, ports, airports, bridges, and other purposes. These projects help governments create new jobs, stimulate economic growth, and earn more tax revenue in the future.
Companies borrow money for business expansion, which creates more jobs and increases economic output. Companies earn more revenue due to business expansion, and the government collects more taxes.
The financial market acts as a channel between investors and borrowers, so it needs to be efficient and robust. A strong financial market can attract funds from a huge population of small investors and accelerate economic growth.
Explanation:
This is the sample answer (word for word)
Thomas and stephani are married with four qualifying children. Their earned income is 28500. Calculate the eic using the eic formula
Answer:
$6,557.
Explanation:
Following the eic formula, The eic of Thomas and Stephani filling as jointly married with over 3 children and an income < $55952 is = $6,557.
using the eic formula
= $6557
On January 2, 2013, Gant Co. purchased a franchise with a useful life of five years for $60,000 and an annual fee of 1% of franchise revenues. Franchise revenues were $20,000 during 2013. Gant projects future revenues of $40,000 in 2014 and $60,000 per year for the following three years. Gant uses the straight-line method of amortization. What amount should Gant report as intangible asset-franchise, net of related amortization in its December 31, 2013, balance sheet
Answer:
$48,000
Explanation:
The computation of the amount that should be reported as the intangible asset franchise is shown below
= Purchase value of franchise - amortization per year
= $60,000 - ($60,000 ÷ 5 years)
= $60,000 - $12,000
= $48,000
hence, the amount that should be reported as the intangible asset franchise is $48,000
The CEO of Skyco, a publicly-traded company that has been earning below-average returns, has been publicly criticized by shareholders for persuading the board of directors to give her interest-free loans, for having the company purchase and furnish a lavish apartment in Paris for her personal use on her twice-yearly trips there, and for excessive stock options. The CEO's behavior may be indication of
A) reasonably compensating a CEO.
B) a weak board of directors.
C) the laxity of institutional investors.
D) the difference in risk propensity between owners and managers.
Answer:
B) a weak board of directors
Explanation:
The board of directors of a company are elected group of people that represents the interest of shareholders of a company.
They provide oversight by meeting at intervals to set policies that will govern the company.
In the given scenario the CEO got interest-free loans, for having the company purchase and furnish a lavish apartment in Paris for her personal use on her twice-yearly trips there, and for excessive stock options.
This is with the consent of the board of directors and despite the company earning below-average returns.
It is a sign that the board of directors is weak and are not adequately representating the wishes of the shareholders.
Second National Bank is considering adding 5 new ATM machines. Each machine costs $25,000 and installation costs are $15,000 per machine. Second National Bank expects the new machines to save $0.33 per transaction on 250,000 transactions per year on the new machines. It also expects the new machines to last for 15 years. If the bank needs to earn 14 percent return on this investment, what is the net present value of this investment?
a. $506,729
b. $306,729
c. $272,269
d. $381,729
e. $424,228
Can you provide a step-by-step process and the functions for a financial calculator
Answer:
The answer is "Option b".
Explanation:
When the typo-It should be the last for 15 years:
[tex]NPV=-5\times (25000+15000)+0.33\times \frac{250000}{14\%} \times (1-\frac{1}{1.14^{15}})[/tex]
After solving the equation we get
[tex]=306728.85878 \\\\=\$ 306729\\\\[/tex]
When it was the last 25 years
[tex]NPV=-5\times(25000+15000)+0.33\times \frac{250000}{14\%}\times(1-\frac{1}{1.14^{25}})=367016.51358[/tex]
Sam and Alice are married and together they own a house that has a market value of $250,000. The loan balance on the house is $175,000. Sam also owns a care valued at $15,000 and has no debt on it. Alice owns a SUV valued at $20,000 and it has a loan balance of $12,000. Sam has a IRA retirement account for $2,000 and Alice has jewelry worth $5,000. Finally, they have a joint bank account with a balance of $7,500. What is the net worth of Sam and Alice
Answer:
The net worth of her is $486,500
Explanation:
I added all values listed.
Net worth of Sam and Alice 's net worth is $ 112,500.
What is net worth ?Wealth is measured by net worth. A person's or a company's net worth is the total of all of their assets, less any liabilities or commitments. A person or institution's net worth is determined by deducting the value of all of its outstanding liabilities from the total value of all of its financial and non-financial assets.
Net worth can alternatively be succinctly represented as non-financial assets plus net financial assets because financial assets minus outstanding obligations equal net financial assets. It can be used by businesses, people, governments, entire nations, or even certain economic sectors like the financial industry.
Computation of Net worth
Assets and Liabilities of Sam and Alice are as listed below
Assets
House = $250,000
Sam's car = $15,000
Alice's SUV = $20,000
IRA retirement account = $2,000
Alice's Jewellery = $5,000
Joint Bank Account balance = $7,500
Total value of assets = $250,000 + $15,000 + $20,000 + $2,000 + $5,000 + $7,500 = $299,500
Liabilities
House Loan Balance = $175,000
Alice's SUV loan = $12,000
Total value of liabilities = $175,000 + $12,000 = $187,000
Net Worth = Assets - Liabilities = $299,500 - $187,000 = $112,500
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# SPJ 2
the alocholic beverages in a private club are
Answer:
The alcohol beverages in a private club are owned by the members. Further explanation: A private club is referred to as a place to mingle and meet with individuals of similar interests. In a private club, anyone cannot just enter or join.
Explanation:
Plz mark me brainlyest
Your merchant fee is 3%. Your
customers paid you $2,200,000
through credit cards. What fee
must you pay the credit card
company?
$ [?]
Answer:
66,000
Explanation:
2,200,000*.03= 66,000
A university student database, which included social security numbers and other personal identifying information, is compromised by a computer hacker. The investigation revealed that the hacker subsequently sold the personal identification information to a third party, who then proceeds to submit falsified mortgage loan applications to numerous financial institutions which resulted in approximately $5 million in losses to the financial institutions. This is an example of:
Answer:
Identity Theft
Explanation:
Identity Theft is defined as when someone steals and uses the identification or personal identifying details and information of another person such as their name, phone number, various financial card's number, etc. without their permission to do any fraud or commit other crimes.
In the context, a hacker steals the identity information and the database of a university student and sold them to some third party who proceeds to submit many falsified applications for mortgage loans to the financial institution that resulted a huge loss to the financial institution is an example of an identity theft, where the hacker steals some other person's personal information and uses them to commit frauds or crimes.
"The big white house on the hill clearly" was different from any of the other homes in the subdivision. It had more rooms, a double lot, and a large oversized garage and the house was bigger than the smaller homes on either side of it. The homeowner decided to sell the home and was very surprised when the appraiser did not give him the value that he had expected. In this case, the appraiser used the principle of:
Answer: Functional Obsolescence
Explanation:
Functional Obsolescence could be described as when a product is undervalued than what is expected due it's composed of outdated features.
Most very old homes are usually outdated. Innovation spring forth every day, especially in the area g homes, homes that are commercially rented are portable and have recent designs, but for homes that are not they may not be valued for what they should or what the seller expects. This is the scenario with homeowner.
Answer:
Conformity
Explanation:
a house that is built differently than the houses in the area actually may have a decrease in value.
A merchant sued a company for breach of contract, alleging that the products she purchased failed to conform to contract specifications. Shortly before the trial was to begin, the merchant suffered a stroke that left her paralyzed and virtually unable to communicate. Her guardian was properly substituted as the plaintiff in the lawsuit. At trial, following presentation of the plaintiff's case, the company calls as a witness a priest to question him about a conversation he had with the merchant at a church fundraiser. In this conversation, the merchant told the priest in confidence that the products she received were actually quite functional, but that she had become aware of a lower price being offered by another vendor, and thus wanted to get out of her contract with the company. The plaintiff's attorney immediately objects on the basis of clergy-penitent privilege. How should the court rule on the objection
Answer:
Overruled, because the circumstances under which the merchant made the statement take it outside the scope of the privilege.
Explanation:
A clergy-penitent privilege is one that protects information that is divulged between a person and his priest. The matters discussed with the priest should be in his capacity as a spiritual adviser.
However in the given scenario they were in a social setting during casual conversation so it was not not in his role as spiritual adviser.
A clergy-penitent privilege will have applied if the conversation took place during confession or a counselling session.
The court should overrule the objection as the conversation is outside the scope of clergy-penitent privilege.
An audit of historical financial statements most commonly includes the Group of answer choices income statement, the statement of cash flows, and the statement of net working capital. balance sheet, statement of retained earnings, and the statement of cash flows. balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity. statement of cash flows, balance sheet, and the statement of retained earnings.
Answer:
balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
Francis worked for GM for 39.9 years, but died 1 month short of retirement. Since he did not retire, his family normally receives nothing from the retirement funds. His widow petitions Mark, his manager, to make an exception and allow the retirement benefits. Mark wants to say no because if this were a regular policy, it would hurt stockholders and draw down retirement funds for the true retirees. But he is sympathetic to the family. What principles is Mark struggling between
Answer:
Utilitarian principles.
Explanation:
Considering the case described in question where Mark wants to say no because if this were a regular policy, it would hurt stockholders and draw down retirement funds for the true retirees. But he is sympathetic to the family. Hence, Mark is struggling between UTILITARIAN PRINCIPLES which is specifically between "The greater good for all employees and the harm to this one family".
The Utilitarian principles are based on the tenets that considered action to be morally right if it causes satisfaction to people and opposes suffering to the people.
However, where the decision or action is between two groups, the utilitarian principle favors the activities that support the prosperity of a larger number of people in a society or a group. In this case the right answer is UTILITRIAN PRINCIPLES - The greater good for all employees and the harm to this one family.
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $910,000 and liabilities of $300,000. During Year 2, stockholders invested an additional $60,000 and received $35,000 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $995,000 and liabilities were $290,000
Answer:
$70,000
Explanation:
From the accounting equation, stockholders' equity is asset minus liabilities, as a result, we would determine stockholders' equity at the end of years 1 and 2 as shown thus:
Year 1 stokcholders' equity=$910,000-$300,000=$610,000
Year 2 stockholders' equity=$995,000-$290,000=$705,000
The closing stockholders' equity is the beginning stockholders' equity plus net income and additional invested capital minus dividends
$705,000=$610,000+net income+$60,000-$35,000
net income=$705,000-$610,000-$60,000+$35000
net income=$70,000
A CPA sole practitioner purchased stock in a client corporation and placed it in a trust as an educational fund for the CPA's minor child. The trust securities were not material to the CPA but were material to the child's personal net worth. Would the independence of the CPA be considered to be impaired with respect to the client? Group of answer choices No, because the CPA does not have a material indirect financial interest in the client. Yes, because the stock is a direct financial interest. No, because the CPA does not have a direct financial interest in the client. Yes, because the stock is an indirect financial interest that is material to the CPA's child.
Answer:
Yes, because the stock is a direct financial interest.
Explanation:
The principals of the AICPA Code of Professional Conduct contains the responsibilities which are to exercise sensitive professional and moral judgment, in terms of the Public Interest to always honor the public trust and perform responsibilities with the highest sense of integrity.
The 3 Parts of the AICPA code of conduct. This includes:
(1) Members in public practice
(2) Members in business
(3) Other members
In accounting, code of conduct is important as it makes individuals to accept a high degree of responsibility toward the public.
Thd independence of a covered member is impaired when:
A. The covered member has a direct financial interest in a client
B. The covered member has a material indirect financial interest in the client
Direct Financial Interest
This is simply known as the ownership interests that is directly held in a client. An example is stock ownership, even if owned in a blind trust etc.
Your expenses that stay the same every month, like a car payment are called _______ expenses.
A. Tracked
B. Steady
C. Fixed
D. Variable
Answer:
C
Explanation:
like a car payment are called fixed expences
Stockmaster Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range. Sales (8,000 units) $ 320,000 Variable expenses 192,000 Contribution margin 128,000 Fixed expenses 121,600 Net operating income $ 6,400 The margin of safety in dollars is closest to: Multiple Choice $121,600 $128,000 $6,400 $16,000
Answer:
$16,000
Explanation:
Calculation to determine what The margin of safety in dollars is closest to
First step is to calculate the Contribution margin ratio using this formula
Contribution margin ratio=Contribution margin/Sales
Let plug in the formula
Contribution margin ratio=(128,000/320,000)
Contribution margin ratio=0.4
Second step is calculate the breakeven sales using this formula
Breakeven sales=(Fixed cost/Contribution margin ratio)
Let plug in the formula
Breakeven sales=121600/0.4
Breakeven sales=$304,000
Now let determine the Margin of safety using this formula
Margin of safety=Total sales-Breakeven sales
Let plug in the formula
Margin of safety=320,000-304,000
Margin of safety=$16,000
Therefore The margin of safety in dollars is closest to: $16,000
Saving is:a) the difference between real GDP and disposable income while savings is the difference between disposable income and consumption spending.b) the amount one does not consume in a given period of time while savings is the accumulation of past periods of saving.c) the difference between disposable income and spending on goods and services while savings is the difference between real GDP and disposable income.d) the accumulation of past periods of savings while savings is the amount of disposable income that is not consumed in a given period of time.
Answer:
b
Explanation:
Saving is the difference between disposable income and consumption
Saving = disposable income - consumption
for example, if disposable income is $1000 and consumption is $600. Saving is $400
the higher consumption is, the lower saving would be. the lower consumption is, the higher saving would be
Savings is the total amount of money saved over a period of time
in Chapter 7 bankruptcy a debtor
A) Is required to draw up a petition listing all assets and liabilities
B) dose not have to pay a filing fee
C) is absolved of alimony and child support payments
D) dose not have to repay educational loans
Answer: A. is required to draw up a petition listing all assets and liabilities.
Explanation:
Bankruptcy simply refers to the legal whereby an economic entity is unable to repay their outstanding debts. In this case, the individual or business will need to sell its remaining assets in order to pay the liabilities.
Due to the above reason, then the debtor will be required by the government to list all of their assets and the liabilities that it owns and this will be used in determining whether the obligation has been fulfilled or not.
On January 1, 2021, Nana Company paid $100,000 for 8,300 shares of Papa Company common stock. The ownership in Papa Company is 10%. Nana Company does not have significant influence over Papa Company. Papa reported net income of $55,000 for the year ended December 31, 2021. The fair value of the Papa stock on that date was $63 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021
Answer:
$522,900 will be reported in the balance sheet of Nana Company for the investment in Papa on December 31, 2021
Explanation:
The amount That will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021, can be calculated using the following formula
Amount of Investment = Total Numbers of shares x Fair value of Papa stock
Where
Total Numbers of shares = 8,300 shares
Fair value of Papa stock = $63 per share
Placing values in the formula
Amount of Investment = 8,300 x $63
Amount of Investment = $522,900
Lily would like to gather more information about investing in stock. What resources can she use to find out more information
Answer:
The correct answer is C
Explanation:
C or the third answer gives the most comprehensive answer.
A full-service stock broker can give profesional, tailor-made advise, but this person could also have less depth than a book, which would be the most comprehesive information source.
Financial articles and financial advisers can also serve this purpose, by providing brief information in more specific topics.
Indicate the effect of each transaction on the accounting equation by choosing the appropriate letter from the following list: Increase in an asset, decrease in another asset. Increase in an asset, increase in a liability. Increase in an asset, increase in owner's equity. Decrease in an asset, decrease in a liability. Decrease in an asset, decrease in owner's equity.
Answer:
Increase in an asset, increase in owner's equity.
Explanation:
Accounting equation is assets + liabilities = owners stockholders equity. The investment of owners in the company will increase the assets as when the company borrows money from the banks the company assets also raise equity.The Texas Department of Education has offices throughout the state covering more than 268,000 square miles. State
documents are stored on a large server in a central location, so that employees can access the data they need
regardless of their physical location. The type of network used by the organization is most likely a
LAN
MAN
WAN
Answer:
Wide area network (WAN)
Explanation:
A local area network (LAN) refers to a group of personal computers (PCs) or terminals that are located within the same general area and connected by a common network cable (communication circuit), so that they can exchange information from one node of the network to another. A local area network (LAN) is typically used in small or limited areas such as a set of rooms, a single building, school, hospital, or a set of well-connected buildings. Some of the network devices or equipments used in a local area network (LAN) includes an access point, personal computers, a switch, a router, printer, etc.
On the other hand, a metropolitan area network (MAN) is formed by an aggregation of multiple local area network (LAN) that are interconnected using backbone provided by an internet service provider (ISP). A metropolitan area network (MAN) spans for about 5 kilometers to 50 kilometers in size.
Basically, a metropolitan area network (MAN) spans across a geographic area such as a city and it's larger than a local area network (LAN) but significantly smaller than a wide area network (WAN).
Wide area network (WAN) can be defined as a telecommunication network that covers a wide range of geographical locations such as countries or regions across the world for the purpose of communication and sharing information and data between different users.
Hence, a network that has locations in different countries is considered a wide area network (WAN).
Generally, wide area network (WAN) makes it possible for various organizations to interconnect with their branch offices, headquarters and other multiple locations across the globe. Wide area network (WAN) usually span over a distance of 50 kilometers.
Hence, the type of network used by the organization is most likely a Wide area network (WAN).
A borrower attends a seminar on how to get rich by investing in real estate with no money down. A third party encourages the borrower to invest in three real estate properties. Under the third party's guidance the borrower completes the applications and provides the specific documentation required. The borrower is unaware that the third party owned numerous properties in the name of an LLC and submitted applications on not just the three properties known to the borrower but on a total of 15 properties, this is an example of:
Answer:
Chunking
Explanation:
Chunking
chunking
This is simply known as the ways at which information is stored through the combination of small pieces of information into larger pieces.
Chunking in business is simply known also as the sale of properties at artificially inflated prices, pitched as investment opportunities to unknowly real estate investors who are promised improbably high returns and loan risks. The third-party therefore helps the investor and may use the investor's information to apply for loans at multiple institutions and then retain the proceeds leaving the borrower with multiple loans that cannot be repaid
There are a lot of fraud scheme usually includes a "get rich quick" real estate seminar. It occurs when a third party convinces an uninformed borrower to invest in a property (or properties), with no money down and with the third party acting as the borrower's agent. The third party is also the owner of the property or part of a larger group organizing the scheme.
In the summer of 2002, Kelly Flatley and Brendan Synnott joined forces to launch a homemade granola business out of Flatley's parents' home. They had no advertising budget, so they had to find other ways to let consumers know about Bear Naked Granola. The entrepreneurs went door-to-door to small specialty and natural food stores. They also set up tables and tents at community events and 5K charity runs where they gave away samples of their granola. From this information, you can infer that Flatley and Synnott used the _____ method for promoting their product.
Answer: all available funds
Explanation:
From the information given in the question, it can be infer that Flatley and Synnott used the all available funds method for promoting their product.
This all available funds method is the allocation of all the available profits for advertising purposes. It is an aggressive method as it can invoice moving door to door or doing at other means in order to promote a product. It is useful when a new company wants to increase the consumer awareness with regards to its products or services.
When Deer Valley Resort Co. (DVRC) was developing its ski resort in the Wasatch Mountains near Park City, Utah, it sold parcels of land in the resort village to third parties. Each sales contract reserved the right of approval over the conduct of certain businesses on the property, including ski rentals. For fifteen years, DVRC permitted Christy Sports, LLC, to rent skis in competition with DVRC’s ski rental outlet. When DVRC opened a new midmountain ski rental outlet, it revoked Christy’s permission to rent skis. This meant that most skiers who flew into Salt Lake City and shuttled to Deer Valley had few choices: they could carry their ski equipment with them on their flights, take a shuttle into Park City and look for cheaper ski rentals there, or rent from DVRC. Christy filed a suit in a federal district court against DVRC. Was DVRC’s action an attempt to monopolize in violation of Section 2 of the Sherman Act? Why or why not? [Christy Sports, LLC v. Deer Valley Resort Co., 555 F.3d 1188 (10th Cir. 2009)] (See Monopolization.)
Answer:
Yes, In this case DRVC acted alone so Sherman Act may apply.
Explanation:
Sherman acts states that every person who shall monopolize or attempts to monopolize or conspire with other person to monopolize any part of trade among the several states with foreign nations shall be deemed guilty of a felony. This act can be violated by one or more persons.
Interim financial statements refer to financial reports: Multiple Choice That cover less than one year, usually spanning one, three, or six-month periods. That are prepared before any adjustments have been recorded. That show the assets above the liabilities and the liabilities above the equity. Where revenues are reported on the income statement when cash is received and expenses are reported when cash is paid. That show assets and liabilities, but not equity.
Answer:
That cover less than one year, usually spanning one, three, or six-month periods.
Explanation:
Interim financial statements are the financial statements for a period covering less than a year.
they are used to convey the performance of a firm before the end of a full reporting cycle
Interim statements are not audited unlike the annual reports.
Components of an interim financial statement includes:
(a) condensed balance sheet
(b) condensed statement of profit and loss;
(c) condensed cash flow statement
(d) selected explanatory notes.
Deanna, the human resource manager of a firm, is planning how to support a strategy of empowering employees. Currently, jobs are grouped based on different functions, such as customer service, manufacturing, and packaging. Deanna is considering a redesign in which members of various functions work in divisions responsible for a particular customer group. In what way could this redesign support the goals for employee empowerment
Answer: Employees' responsibilities will be more broadly defined and focused on higher-level goals.
Explanation:
Every organization have their method of working amongst themselves, some work as a team, e.g Engineers, Accountant's e.t.c While others work in a similar way but some little twerk to the style.
Deanna is considering a redesign in which members of various functions work in divisions responsible for a particular customer group, this would make employees' responsibilities more broadly defined and focused on higher-level goals.
Despite this is good, it has its demerit, the employees may grow well in their specialized field due to they work on a broad scope.
Throughout human history we know that Group of answer choices all countries will eventually return to very low levels of real GDP per capita. None of the above. most countries were only able to establish a few decades of high levels of real GDP per capita. not until the early 19th century were a few countries able to establish sustained long-run economic growth. all countries were able to establish periods of high levels of real GDP per capita.
Answer:
not until the early 19th century were a few countries able to establish sustained long-run economic growth.
Explanation:
Industrial revolution (industrialization) can be defined as a period of significant change in economic and social manufacturing process characterized by the use of handicrafts and agrarian methods to the use of power-driven equipments and machines. Basically, the industrial revolution began in Great Britain (England) between 1760 to 1840 and eventually spread across other countries of the world.
Prior to industrialization, humans and animals were largely used as a means to generate power, execute tasks or do certain things during the production and distribution process.
However, in the advent of industrialization and technological advancement, machines were invented to replace human and animal power.
Some examples of such inanimate sources are Steam plants, Nuclear plants, Wind etc.
In human history, we know that not until the early 19th century were a few countries able to establish sustained long-run economic growth.
explain hotel manager
Answer:
Hotel managers are responsible for managing employees and for planning, marketing , coordinating and administering hotel services such as catering and accommodation facilities.
Answer:
hotel manager is the one who oversees all respects of running hotel housekeeping general maintain to the budget
Assume that the custodian of a $450 petty cash fund has $62 in coins and currency plus $383 in receipts at the end of the month. The entry to replenish the petty cash fund will include: A. A debit to Cash for $378. B. A debit to Cash Over and Short for $5. C. A debit to Petty Cash for $383. D. A credit to Cash for $383. E. A credit to Cash Over and Short for $5.
Answer:
B. A debit to Cash Over and Short for $5.
Explanation:
Preparation to determine what The entry to replenish the petty cash fund will include:
Dr Expenses $383
Dr Cash Over and Short $5
[$450-($383+$62)]
Cr Cash $388
($383+$5)
(To replenish petty cash fund)
Cash shortage=$450 - $62 - $383
Cash shortage= $5.00
Reimbursement and credit to cash=$383+$5.00 Reimbursement and credit to cash= $388
Therefore The entry to replenish the petty cash fund will include: A debit to Cash Over and Short for $5
