Answer:
Journal Entry for establishing a Petty cash fund
Date Particulars Debit Credit
Jan 1 Petty cash A/c $270
To Cash A/c $270
(Being Petty cash fund established)
Journal Entry for reimbursement of petty cash
Date Particulars Debit Credit
Jan 8 Postage A/c $36
Transportation A/c $13
Delivery Expense A/c $15
Miscellaneous Exp A/c $25
To Cash A/c $89
(Being reimbursement of petty cash expenses
incurred from petty cash fund)
Journal entry for Increasing the limit of Petty cash fund
Date Particulars Debit Credit
Jan 8 Petty Cash A/c $50
To Cash A/c $50
(Being Petty cash fund limit extended to $320 i.e., we have
to add $50 to existing fund in order to make it $ 320.)
Answer: See explanation
Explanation:
It should be noted that:
Working capital = Current assets - Current liabilities
$356000 = $412000 - Current liabilities
Current liabilities = $412000 - $356000
Current liabilities = $56000
Stockholders equity = Total asset - Total liability
Total asset = $412000 + $524000 = $936000
Total liabilities = $56000 + $274000
= $330,000
Stockholders equity = Total asset - Total liability
= $936000 - $330000
= $606000
Answer:
$10,000
Explanation:
Given that
Cost of equipment = 110,000
Salvage value = 10,000
Useful life = 5 years
Using straight line method
Depreciation = cost of equipment - salvage value ÷ useful years
= 110000 - 10000 ÷ 5
= 100000 ÷ 5
= $20000
Thus
By December 31
Entry of depreciation = 6/12 × 20000
= $10,000
Answer:
Manufacturers produce or make products. They typically sell them to wholesalers or distributors that have expertise in getting products to retailers. Retailers then hold inventory and market the goods to consumers that purchase them for personal or family consumption.
Answer:
Answer is USD 5,540
Explanation:
By applying Expected profit formula we get:
= (33000*0.11)+(15000*0.37)+(-7000*0.52)
= $5,540
