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Anon25 [30]
3 years ago
8

Meng Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represe

nt $80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses. There is a cash shortage of $8.
Based on this information, the amount of cash in the fund before the replenishment is:

a) $300. b) $260. c) $40. d) $48. e) $32.
Business
1 answer:
Alona [7]3 years ago
3 0

Answer: The correct answer is e) $32.

Explanation:

Petty cash fund. $300

Office supplies. (80)

Merchandise inventory. (160)

Miscellaneous expenses. (20)

Cash shortage. (8)

Balance in petty cash. $32

In terms of accounting entries,

Debit Office supplies. $80

Debit Merchandise inventory. $160

Debit Miscellaneous expenses. $20

Debit Cash shortage. $8

Credit Petty cash refund. $268

In the above entries, $268 would be refunded to petty cash fund to reinstate it to $300.

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An oral auction has bidders willing to pay $4, $6, $9, $12, $13, and $15 for an item. The winning bidder will pay a little more
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Answer: $13.25

Explanation:

From the question, we are informed that an oral auction has bidders willing to pay $4, $6, $9, $12, $13, and $15 for an item.

Based on the above scenario, the winning bidder will pay a little more than $13 or $13.25. This is because the bidder with the highest pay is willing to pay $15 but since the next person is willing to pay $13, that means the next bidder will price it at an amount that is a little bit above $13 which is $13.25.

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U. s. treasury securities considered to be risk-free because they have minimal, if any, ____ risk.
zubka84 [21]

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3 years ago
Makers Corp. had additions to retained earnings for the year just ended of $261,000. The firm paid out $194,000 in cash dividend
gladu [14]

Answer:

a. $3.5 per share

b. $1.49 per share

c. $38.38 per share

d. 1.93 times

Explanation:

The computation is shown below:

a. Earning per share = (Net income) ÷ (Number of shares)

where,

Net income =  Additions to retained earnings + cash dividends

                    = $261,000 + $194,000

                    =  $455,000

So, the earning per share equal to

= $455,000 ÷ 130,000 shares

= $3.5 per share

b. Dividend per share = (Total dividend) ÷ (number of shares)

= ($194,000) ÷ (130,000 shares)

= $1.49 per share

c. Book value per share = (Total equity) ÷ (number of shares)

= ($4,990,000) ÷ (130,000 shares)

= $38.38 per share

d. Market to book ratio = (Market price per share) ÷ (book value per share)

= $74 ÷ $38.38

= 1.93 times

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3 years ago
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