Exercise 6-10 Petty cash fund accounting LO P2 Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29; delivery expenses, $16; and miscellaneous expenses, $43. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare journal entries to (1) establish the fund on January 1, (2) reimburse it on January 8, and (3) both reimburse the fund and increase it to $450 on January 8, assuming no entry in part 2. Hint: Make two separate entries for part 3.

Answers

Answer 1

Answer:

1 Jan 01

Dr Petty cash 200

Cr Cash 200

2 Jan 1

Dr Postage expense 74

Cr Merchandise inventory 29

Dr Delivery expense 16

Cr Miscellaneous expenses 43

Cr Cash 162

3 Jan 08

Dr Postage expense 74

Dr Merchandise inventory 29

Dr Delivery expense 16

Dr Miscellaneous expenses 43

C Cash 162

Dr Petty cash 250

Cr Cash 250

Explanation:

1 Preparation of the journal entry to record reimburse the fund

Jan 01

Dr Petty cash 200

Cr Cash 200

2. Preparation of the reimburse it on January 8, and

Jan 08

Dr Postage expense 74

Dr Merchandise inventory 29

Dr Delivery expense 16

Dr Miscellaneous expenses 43

Cr Cash 162

3 Preparation of jourtnal for reimburse the fund and increase it to $450

Jan 08 Postage expense 74

Merchandise inventory 29

Delivery expense 16

Miscellaneous expenses 43

Cash 162

Petty cash 250

Cash 250


Related Questions

Entries for Notes Payable A business issued a 60-day, 10% note for $96,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar.

Answers

Answer:

Business A

Journal Entries:

Debit Accounts Payable $96,000

Credit 10% Notes Payable $96,000

To record the issuance of a 60-day, 10% note to a creditor on account.

Debit 10% Notes Payable $96,000

Debit Interest Expense $1,600

Credit Cash $97,600

To record the payment of the note at maturing, including interest.

Explanation:

a) Data and Analysis:

Accounts Payable $96,000

10% Notes Payable $96,000

10% Notes Payable $96,000

Interest Expense $1,600

Cash $97,600

Ice Co stock has a beta of 1.85, the current risk-free rate is 5.10 percent, and the expected return on the market is 15.10 percent. What is Ice Co's cost of equity

Answers

Answer:

23.60%

Explanation:

According to the capital asset price model:

cost of equity = risk free + beta x (market rate of return - risk free rate of return)

5.10 + 1.85 x (15.10 - 5.10)

= 5.10 + (1.85 x 10)

=23.60%

Higher customer satisfaction and more efficient use of resources are impacts of businesses that operate with a _______
a: cost saving motive
b: customer service motive
c: efficiency motive
d: profit motive

Answers

Answer:

customer service motive

Answer:

I believe it's C: efficiency motive.

Explanation:

I did inspect element on course hero for the same question, and the answer was highlighted. Additionally, the question seems to highlight efficient uses of resources purposefully in businesses, so it seems that efficiency motive also goes hand in hand with that.

three (3) State taxes and briefly describe each

Answers

The three state taxes are what you earn, taxes on what you buy, and taxes on what you own.

Earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes;

Buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes;

Own: property taxes, tangible personal property taxes, estate, and inheritance taxes, and wealth taxes.

Kevin promises to pay Macarena, his daughter, $5,000 if she obtains her degree at Brookdale community College, where she is currently in her first year. Macarena graduates. If a Court refuses to enforce the agreement it would most likely be because:

Answers

Question Completion with Options:

A. Macarena finished college.

B. Obtaining a college degree benefits Macarena.

C. A job can be hard to find after college.

D. Macarena was already in college.

Answer:

If a Court refuses to enforce the agreement it would most likely be because:

D. Macarena was already in college.

Explanation:

Macarena was currently in her first year when the promise was made by her father.  This means that Macarena is not giving any consideration for the father's promise.  But, if she enters the college based on the promise and eventually graduates in the college, then the court will not likely refuse to enforce the agreement. Kevin's promise to pay Macarena $5,000 is not enforceable because of past consideration.

How does the devaluation and appreciation of the local currency effect to balance of payment, analyze for each component

Answers

Answer: Balance of payment will worsen due to devaluation.

Explanation: The balance of payments refers to the balance of supply and demand for a country's currency in the foreign exchange market. Devaluation will make local currency weaker and foreign currency stronger.  Therefore less demand for local currency in the foreign market. The imports will become expensive, more amount of local currency will be paid as it is weaker. The exports will become cheaper, more amount of local currency will be received as foreign currency is stronger than it.

Vise Versa for appreciation.

If the price of oil, a close substitute for coal, increases then:

a. the demand curve for coal will shift to the right.
b. equilibrium price and quantity of coal will not change.
c. supply curve for coal will shift to the right.
d. demand curve for coal will shift to the left.
e. supply curve of coal will shift to the left.

Answers

Answer:

A

Explanation:

Substitute goods are goods that can be used in place of another good.

if the price of a good increases, the demand for the substitute increases and if the price of the good reduces, the demand for the substitute increases.

If the price of oil increases, it becomes cheaper to buy coal. As a result, there would be a rightward shift of the demand curve for coal. As a result, the equilibrium price and quantity would increase

5-5 TIME TO REACH A FINANCIAL GOAL You have $33,556.25 in a brokerage account, and you
plan to deposit an additional $5,000 at the end of every future year until your account totals
$220,000. You expect to earn 12% annually on the account. How many years will it take to
reach your goal?

Answers

Answer:

22 is the right answer bro fgjjfycugyvyygyghu

Cameron is single and has taxable income of $58,046.

Required:
Determine his tax liability using the Tax Tables and using the Tax Rate Schedules.

Answers

Answer:

Cameron

Cameron's tax liability for the year as a single taxpayer is

= $12,770.12.

Explanation:

a) Data and Calculations:

Taxable income = $58,046

Tax rate = 22%

Tax liability = $12,770.12 ($58,046 * 22%)

b) The amount of tax that Cameron, who is within the 22% tax rate bracket, will pay to the IRS is $12,770.12.  The tax liability represents the amount of tax that is due to be paid for his taxable income of $58,046 at the tax rate of 22%.

Solving for PMT of an annuity​) To pay for your​ child's education, you wish to have accumulated ​$ at the end of years. To do this you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay percent compounded​ annually, how much must you deposit each year to reach your​ goal?

Answers

Answer:

$783.87

Explanation:

Complete question "To pay for your​ child's education, you wish to have accumulated ​$10,000 at the end of 8 years. To do​this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 13 percent compounded​annually, how much must you deposit each year to obtain your​goal?"

NPER = 8

FV = 10,000

Rate = 13%

PV = 0

Future Value of Annuity = PMT(Rate, NPER, PV, FV)

Future Value of Annuity = PMT(13%, 8, 10000, 0)

Future Value of Annuity = 783.8671964727014

Future Value of Annuity = $783.87

So, one must deposit $783.87 each year to reach the goal.

Accurate Metal Company sold 36,500 units of its product at a price of $340 per unit. Total variable cost per unit is $179, consisting of $172 in variable production cost and $7 in variable selling and administrative cost. Compute the manufacturing margin for the company under variable costing.

Answers

Answer: $6,132,000

Explanation:

The manufacturing margin for the company under variable costing will use the variable production costs only as these are the variable costs incurred during manufacturing:

Variable manufacturing margin = ( Sales price - Variable cost per unit) * number of units

= (340 - 172) * 36,500

= 168 * 36,500

= $6,132,000

HOW CAN I CREATE A PERFECT SALES STRATEGY?

Answers

Answer:

B2B marketers and businesses are using LinkedIn automation to strengthen their sales and marketing strategy.

Here is how;

Engage With The Right AudienceTake Advantage of LinkedIn GroupsSend Personlized Outreach Messages

Most of the lead generation and sales tactics on LinkedIn require a lot of time if you choose to do them manually.

A _____________ strategy entails an organization developing a product and/or service that offers unique attributes that are valued by customers and that the customer perceives to be distinct from competitor offerings.

Answers

Answer: differentiation strategy

Explanation:

The differentiation strategy refers to the marketing strategy that is designed in order to distinguish the product and services of a company from other companies.

Product differentiation helps in the development of a strong value proposition which ensures that the product is attractive to the audience. The differentiation strategy ensures that the product is unique from others and this creates a competitive advantage.


How does the price range affect the elasticity of demand for a product?
Demand for all goods is elastic if the price is low enough.
Price range has little or no effect on elasticity of demand for a good.
Demand for a good can be inelastic at a low price, but elastic at a high price.
Demand for a good can be elastic at a low price but inelastic at a high price.

Answers

Answer:

How does the price range affect the elasticity of demand for a product?

Demand for all goods is elastic if the price is low enough.

Price range has little or no effect on elasticity of demand for a good.

Demand for a good can be inelastic at a low price, but elastic at a high price.

Demand for a good can be elastic at a low price but inelastic at a high price.

Explanation:

How does the price range affect the elasticity of demand for a product?

Demand for all goods is elastic if the price is low enough.

Price range has little or no effect on elasticity of demand for a good.

Demand for a good can be inelastic at a low price, but elastic at a high price.

Demand for a good can be elastic at a low price but inelastic at a high price.

Answer:

the answer is demand for a good can be inelastic at a low price, but elastic at a high price.

Explanation:

If there are 360 million people living in the U.S, but 1 million died of health issues leaving 289 million eligible workers, what is the unemployment rate if 170 million are in the labor force and 7 million are actively seeking work?

Answers

Answer: 4.12%

Explanation:

Unemployment rate only includes people who are actively looking for work and no discouraged workers or those who have retired:

Unemployment rate = Number of unemployed looking for work / Labor force

= 7,000,000 / 170,000,000

= 4.12%

Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning the most recent year appear below: Sales $ 17,700,000 Net operating income $ 5,300,000 Average operating assets $ 35,100,000 Required: 1. Compute the margin for Alyeska Services Company. (Round your answer to 2 decimal places.) 2. Compute the turnover for Alyeska Services Company. (Round your answer to 2 decimal places.) 3. Compute the return on investment (ROI) for Alyeska Services Company.

Answers

Answer:Profit margin = 29.94%

 Asset Turnover =0.50

Return on investment (ROI) =15.09%

Explanation:

Given

Sales for the year =  $ 17,700,000

Net Operating Income =  $ 5,300,000

Average Operating Assets =  $ 35,100,000

a)Profit margin = (Net operating income/Net sales ) x 100%

= $5,300,000/$17,700,000 x 100%  = 29.94%.

This shows that the Alyeska Services company has ability to turn income to profit by  29.94%

b.  Asset Turnover =  Total Sales/ Average Total Assets  = $17,700,000/$35,100,000 = 0.50

c. Return on investment (ROI) =Net income/Total investment  x 100%

 = $ 5,300,000/ $ 35,100,000 x 100% =15.09%

Why do tourism business have market cost for the printing​

Answers

Answer:

Launching tourist ventures involves overcoming two major hurdles: first, the venture must be

financed; and second, demand must be generated. In particular, the marketing of tourism and

hospitality ventures provides special challenges, the ability to reach the target market and convince

them to travel to remote locations being a critical success factor (Dolli, N.; Pinfold, J.F., 1997). Thus,

the main issue related to the marketing of tourist services is not their production, but their sale and

promotion, so as to ensure that all the consumers’ needs are comprehensively satisfied. (Nistoreanu,

P., 2006).

It is in this context that both the producers as well as the suppliers (intermediaries) of tourism services

should take into consideration the fact that a touristic product is sold only if there is a demand on the

market for that particular product. This means that suppliers have the possibility to either offer what is

requested on the market, responding to the consumers’ needs, or to stimulate or generate the demand

for a certain product so as to facilitate the selling of that product. In both cases, however, the

producers and suppliers need to apply a promotion strategy, through which potential clients may be

informed with regard to the offer on the market, as well as induce the clients’ desire to consume a

certain product.

Explanation:

Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $300,000, variable expenses of $152,100, and traceable fixed expenses of $70,300. The Alpha Division has sales of $610,000, variable expenses of $335,800, and traceable fixed expenses of $131,900. The total amount of common fixed expenses not traceable to the individual divisions is $133,200. What is the company's net operating income

Answers

Answer: $86700

Explanation:

The net operating income is used in knowing the profitability of an investment. The net operating income is gotten by subtracting the expenses from the revenue.

Based on the information given in the question, the net operating income is $86700. Kindly check the attachment for further details.

Tin Roof's net cash flows for the next three years are projected at $72,000, $78,000, and $84,000, respectively. After that, the cash flows are expected to increase by 3.2 percent annually. What is the value of the firm if the WACC is 9.32%

Answers

Answer:

$1,279,622.65

Explanation:

The value of the company is the present value of its future cash flows for the three-year planning horizon plus the present value of its continuing value beyond year 3, all discounted using the WACC as the appropriate discount rate.

continuing value=year 3 cash flow*(1+terminal growth rate)/(WACC-terminal growth rate)

continuing value= $84,000*(1+3.2%)/(9.32%-3.2%)=$1,416,470.59

present value of continuing value=$1,416,470.59/(1+9.32%)^3=$1,084,198.23

present value of 3-year cash flows=$72000/(1+9.32%)^1+$78,000/(1+9.32%)^2+$84,000/(1+9.32%)^3

present value of 3-year cash flows=$195,424.42

value of the company=$1,084,198.23+$195,424.42

value of the company=$1,279,622.65  

When the price elasticity of demand for a good is very elastic, quantity demanded is _____ to a change in price and the demand curve is relatively _____. Group of answer choices

Answers

Answer:

1. Responsive

2. Elastic

Explanation:

When the price elasticity of demand for a good is very elastic, quantity demanded is RESPONSIVE to a change in price and the demand curve is relatively ELASTIC.

This is because the price elasticity of demand measures the responsiveness of the quantity demanded to a change in price.

Consequently, as the quantity demanded changes, the demand curve then becomes relatively elastic, by shifting either to the right or left.

Omega Enterprises budgeted the following sales in units: January 40,000 February 30,000 March 50,000 Omega's policy is to have 30% of the following month's sales in inventory. On January 1, inventory equaled 8,000 units. February production in units is: a.36,000. b.40,000. c.20,000. d.28,000. e.26,500.

Answers

Answer:

a. 36,000

Explanation:

Calculation to determine what February production in units is:

Sales for the month 30,000

Add Ending inventory 15,000

(50,000*0.3)

Less Beginning inventory (9,000)

(30,000*0.3)

February production in units 36,000 units

Therefore February production in units is: 36,000 units

During its most recent fiscal year, Raphael Enterprises sold 270,000 electric screwdrivers at a price of $17.10 each. Fixed costs amounted to $729,000 and pretax income was $999,000. What amount should have been reported as variable costs in the company's contribution margin income statement for the year in question

Answers

Answer:

$2,889,000

Explanation:

Sales units = 270,000 units

Sale Price = $17.10

Fixed cost = $729,000

Sales Value = 270,000 * $17.10

Sales Value = $4,617,000

Contribution Margin = Sales- Fixed cost

Contribution Margin = $4,617,000 - $729,000

Contribution Margin = $3,888,000

Variable Cost = Contribution margin- Pretax income

Variable Cost = $3,888,000 - $999,000

Variable Cost = $2,889,000

So, $2,889,000 is the amount that should have been reported as variable costs in the company's contribution margin income statement for the year in question.

Company XYZ is working on a marketing strategy for a new oral hygiene product and just discovered that XYZ's biggest competitor is launching a very similar product a month later. In conducting a SWOT analysis, the launch of the competitor's product represents an opportunity.

a. True
b. False

Answers

Answer:

XYZ Company

In conducting a SWOT analysis, the launch of the competitor's product represents an opportunity.

 

b. False

Explanation:

The launch of the competitor's product represents a threat to XYZ Company.  It reduces XYZ Company's market competitiveness and profitability.  XYZ Company may even be driven out of the market by the competitor, thus leading to massive loss for the company.  However, threats must be overcome and turned into opportunities for future product development.

A fixed asset with a cost of $41,000 and accumulated depreciation of $36,500 is traded for a similar asset priced at $60,000. Assuming a trade-in allowance of $3,000, the recognized loss on the trade is

Answers

Answer:

1,500

Explanation:

The fixed assets cost is $41,000

The accumulated depreciationn is $36,500

Similar assets was priced at $36,000

Trade in allowance is $3000

Therefore the recognised law on trade can be calculated as follows

41,000-36,500-3,000

= 1,500

khái niệm giao tiếp trong tổ chức

Answers

Answer:

bu kin jhu

Explanation:

John jvghh bugs HHH jhu UV juggle

The Management of XYZ Company Limited uses value chain analysis, supply chain management, inventory b)Identify and explain the type of school of management approach being used in the company.(5marks) management, quality control, queuing theory, linear programming and network models approaches in management of the company. The company relies on scientific applications of mathematical techniques to c)Discuss in four (5) ways, how contingency School of Management is different from the type of school manage problems. a)Briefly explain the typesof management theoriesapplicable in XYZ company Limited. (5marks) of management identified in (ii) above.​

Answers

a) The school of management that the Management of XYZ Company Limited is applying is called Mathematical or Quantitative School of Management.

The Mathematical or Quantitative School of Management:

Expresses management problems in equations, mathematical symbols, and quantitative models  Encourages wide application of computer technology, simulations, and analytics Introduces precision to management thinking and practice

b) The Contingency School, unlike the Mathematical  School of Management:

Recognizes that not all management processes can be expressed with mathematical symbols and formulas.Identifies that mathematical models cannot replace sound judgment, which requires intuition and not equation.States that there is no single technique to solving management problems. Encourages managers to use any feasible management technique to solve problems, thereby thinking outside the box. Emphasizes that the applications of management principles and practices (process, behavioral, quantitative, and systems) should be contingent upon the prevailing circumstances.  

Thus, with Contingency School, the tools of management thinking and practice should be applied based on prevailing situations and not mathematically with equations, models, and symbols.

Learn more about another School of Management Thought here: https://brainly.com/question/15557968

A manager spent 5 hours of his day in meetings. If he said that he spent 70% of his day, how many total hours did he work?

Answers

Answer:

The total hours the manager worked

= 7.14 hours

Explanation:

a) Data and Calculations:

Time spent by a manager in meetings per day = 5 hours

Percentage of time spent in meetings = 70%

Total hours the manager worked per day = 5/70% = 7.14 hours

b) The total hours that the manager worked per day = 7.14 hours or 7 hours 9 minutes (approximately).  This is obtained by dividing the hours spent in meetings by the equivalent proportion that meetings consumed per day.

When comparing the results of using the direct, sequential, and reciprocal services methods of allocating support department costs to production departments, which of the following statements is true for a manufacturing company that has a total of $1,500,000 in support costs to allocate?
a.The reciprocal services method allocates more than $1,500,000 to the production departments.
b.The reciprocal services method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the direct method.
c.The direct method yields the most accurate allocation of the $1,500,000.
d.The sequential method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the reciprocal services method.

Answers

Answer: d. The sequential method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the reciprocal services method

Explanation:

For a a manufacturing company that has a total of $1,500,000 in support costs to allocate, it should be noted that the sequential method can be viewed as a compromise on accuracy and difficulty in allocating the $1,500,000 because it considers some, though not all, inter-support-department services and is easier to compute than the reciprocal services method

Rachel is preparing to open her own raft rental business, cleverly named Rachel's Rafts. She figures out that her fixed costs will be $7,500 and her unit variable costs are $2 per raft. She plans to rent all 2,500 rafts she has on hand. What is Rachel's breakeven price

Answers

Answer:

selling price= $5

Explanation:

Giving the following information:

Fixed cost= $7,500

Unitary variable cost= $2

Break-even point= 2,500 units

The break-even point is the number of units to sell to cover the fixed costs. At this level, net income is zero.

So given the costs structure and 2,500 units to sell, the selling price that provides the break-even point is:

Break-even point in units= fixed costs/ (selling price - unitary variable cost)

2,500 = 7,500 / (selling price - 2)

2,500selling price - 5,000 = 7,500

2,500selling price = 12,500

selling price = 12,500 / 2,500

selling price= $5

Historical demand for a product is: DEMAND January 13 February 12 March 16 April 13 May 17 June 16 a. Using a weighted moving average with weights of 0.50 (June), 0.30 (May), and 0.20 (April), find the July forecast

Answers

Answer: 15.7 units

Explanation:

July forecast = (Weight of June * Demand in June) + (Weight of May * Demand in May) + (Weight of April * Demand in April)

= (0.5 * 16) + (0.3 * 17) + (0.2 * 13)

= 8 + 5.1 + 2.6

= 15.7 units

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