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miv72 [106K]
3 years ago
10

Waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows $193 in cash along with recei

pts for the following expenditures: transportation-in, $46; postage expenses, $78; and miscellaneous expenses, $111. The petty cashier could not account for a $12 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $490
Business
1 answer:
exis [7]3 years ago
5 0

Answer:

petty cash fund    440 debit

         cash                           440 credit

--stablishment of the fund--

freight-in                           46 debit

postage expenses           78 debit

miscellaneous expenses 111 debit

cash shortage loss            12 debit

                   Cash                               247 credit

--reimbursement of the fund--

petty cash fund      50 debit

                    Cash                     50 credit

--incerase of the fund to 490--

Explanation:

The petty fund will be stablish using cash, so we decrease cash and create the petty fund.

Then, the expenditures will be against cash, so we don't have to use the petty fund account.

Lastly, to increase the fund we take from the cash account the 50 dollars increase.

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Nataly_w [17]

Answer:

$ 62,500

Explanation:

1. calculating weekly revenue: 85 clientX25 dollars

       85x25=2,125.00

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3. Annual  expenses: =48,000 dollars

4. Annual revenue:  revenue - expenses=62,500.00

Annual income  dollars: 62,500.00

 

7 0
3 years ago
How do you put an inequality into interval and set notation?
Marta_Voda [28]
It does take a little bit of work.  If you want 0<x<2, then in interval notation it is x\in(0,2).  [] means that the numbers you write there are included.  You can also have sets if you use union, for instance 0<x<2 and 4<x<5 would be written as x\in(0,2)\union(4,5).  Please mark Brainliest!!!
5 0
3 years ago
Required information
photoshop1234 [79]

Answer:

Missing word

<em>"Shipping supplies on hand, January 1 of the current year  $13</em>

<em>Purchases of shipping supplies during the current year $75</em>

<em>Shipping supplies on hand, counted on December 31 of the current year $20"</em>

<em />

1.  Adjusting entry for insurance at December 31 of the current year.

S/n  General Journal                       Debit    Credit

a.     Insurance expense                  $870

       (6,960/24)*3=$ 600

             Prepaid insurance                             $870

       (Insurance expired)

b.    Shipping supplies expenses    $68

       ($13+$75-$20)

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       (Supplies used)

2.  What amount should be reported on the current year's income statement for Insurance Expense?

Insurance expense = $870

Shipping supplies expense = $68

3. What amount should be reported on the current year's balance sheet for Prepaid Insurance?

Prepaid insurance = ($6,960-$870) = $6,090

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6 0
3 years ago
Find the EAR in each of the following cases: (Assume 365 days in a year. Do not round intermediate calculations. Enter your answ
Alexxandr [17]

EAR = [ 1 + (APR/m)]^m -1 where, m = periods in one year.

<h3 /><h3><u>What Is the Annual Percentage Rate (APR)?</u></h3>

The term "annual percentage rate" (APR) describes the annual interest that is produced by an amount that is charged to borrowers or paid to investors. APR is a percentage that represents the actual annual cost of borrowing money throughout the course of a loan or the revenue from an investment. This does not account for compounding and includes any fees or other charges related to the transaction. Consumers can evaluate lenders, credit cards, and investment goods using the APR as a benchmark figure.

<u>What Makes an Effective APR?</u>

What constitutes a "good" APR will vary depending on the market's competing rates, the central bank's prime interest rate, and the borrower's own credit score. Companies in competitive industries will occasionally offer very low APRs on their credit products, such as 0% on vehicle loans or leasing options, when prime rates are low. Although these low rates could sound alluring, clients should make sure that they are permanent and not just introductory rates that will change to a higher APR after a set amount of time. Furthermore, individuals with really good credit ratings can be the only ones who can get low APRs.

<u>Calculation:</u>

<u>a.</u> [ 1 + (0.099/4)]^4 -1

EAR = 10.27%

<u>b.</u> [ 1 + (0.189/12)]^12 -1

EAR = 20.62%

<u>c.</u> [ 1 + (0.149/365)]^365 -1

EAR = 16.06%

<u>d.</u> [ 1 + (0.119/10,000)]^10,000 -1

EAR = 12.63%

Learn more about the annual percentage rate (APR) with the help of the given link:

brainly.com/question/2142836

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<u>Correct question:</u>

Find the EAR in each of the following cases: (Assume 365 days in a year. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

Stated Rate (APR) Number of Times Compounded Effective Rate (EAR)

a. 9.9% Quarterly

b. 8.9% Monthly

c. 14.9% Daily

d. 11.9% Infinite

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<em>This stands for</em><em> sustainability</em><em> when faced with a</em><em> keep or drop decision.</em>

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<h3>How do we decide whether to keep or drop a particular segment?</h3>
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  • Make a product line income statement, for instance, if a product is not lucrative.
  • Make an income statement for any locations that are not producing a profit.
<h3>Which factor should be considered while selecting whether to keep or drop a product line?</h3>
  • The entire costs, not only the per-unit prices, should be taken into consideration when considering whether or not to discontinue a product.
  • Review the fixed expenses for production, sales, shipping and storage, customer service, and any other expenditures you can associate with the product.

learn more about keep or drop decision here

<u>brainly.com/question/13777223</u>

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7 0
1 year ago
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