Answer and Explanation:
The Journal entry is shown below:-
September 9
Petty cash fund Dr, $400
To Cash $400
(Being establishment of petty cash fund is recorded)
Here we debited the petty cash fund as assets is increasing while we credited the cash is decreasing.
September 30
Merchandise Inventory Dr, $51
Postage expense Dr, $73
Cash Short and over Dr, $13
Miscellaneous Dr, $141
To Petty Cash $278
(Being reimburse of petty cash find is recorded)
Here we debited the merchandise Inventory, postage expense, cash short and over and miscellaneous as it is expenses while we credited the petty cash as is reimbursed.
October 1
Petty cash fund Dr, $60
($460 - $400)
To Cash $60
(Being increase in petty cash fund is recorded)
Here we debited the petty cash fund as assets is increasing while we credited the cash is decreasing.
Answer:
Accumulated Depreciation at the end of year = $16,000
Explanation:
<em>Under the straight line method of depreciation, the cost of an asset less the salvage value is spread equally over the expected useful life.</em>
<em>An equal amount is charged as annual depreciation over the life of the asset. The annual depreciation is calculated as follows:</em>
Annual depreciation:
= (cost of assets - salvage value)/ Estimated useful life
Cost - 100,000
Residual value = 20,000
Estimated useful life = 10 years
Annual depreciation = (100,000- 20,000)/10 =8,000
Annual depreciation = 8,000
Accumulated Depreciation for 2 years = Annual depreciation× number of years
= 8,000× 2 = 16,000
Accumulated Depreciation for 2 years = $16,000
Answer:
True.
Explanation:
Danger of losing control, and the possibility of an inactive market and an attendant low stock price are potential disadvantages of going public.
Companies that seeks to sell its stock on different stock markets or other major public exchanges must meet and maintain numerous listing requirements. Failure to comply with these mandates on an ongoing basis could cause the stock to become delisted from the exchange. The chief purpose of these requirements is to increase market transparency in an effort to foster investor confidence.
The answer to your question is c
Answer:
Contribution margin per unit: $42.9
Total contribution margin: $8,580
Explanation:
The contribution margin per unit is calculated by calculating the total contribution margin, which is basically the total sales, minus the costs of production, in this cae we have that we sold:
60 regular chairs
140 executive charis
Now the total in sales is:
Regular sales: $6,000
Executive chairs: $23,800
The variable cost of each is:
Regular chairs: $3720
Executive chairs: $17,500
We add up the sales and withdraw from it the total variable cost:
29,800-21,220=8,850
The total contribution margin is equal to $8850.
And the contribution margin per unit is given by dividing the total contribution margin by the number of units sold:
8850/200= 42.9
So the contribution margin per unit is 42.9 dollars.
