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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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Elsem Foods Inc. is a company that manufactures packaged food. It sells several varieties of packaged food such as chips, cupcak
valentina_108 [34]

Answer:

Orange juice, apple juice, cranberry juice, and lychee juice are all product items of Elsem Foods.

Explanation:

A product item is a specific type or variety of product that is different than other products that a company sells.

In this case orange, apple, cranberry and lychee juices are all product items which are part of the tropical fruit juices product line of Elsem Foods.

Elsem's product mix would include chips, cupcakes, candies, crackers, fruit juices, and carbonated drinks (all the product lines that Elsem sells).

5 0
3 years ago
Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year, before adjustment, and uncollectible account
tigry1 [53]

Answer: c. $18,000

Explanation:

Provision for doubtful accounts estimate;

= 600,000 * 3%

= $18,000

This is the Percentage of sales method and it ignores the existing balance in the Provision for doubtful accounts using only the estimate provided.

8 0
3 years ago
Lawn maintenance is an alternative energy source career.<br> A. <br> True<br> B. <br> False
Rainbow [258]

Answer:

False

Explanation:

Lawn maintenance isn't

4 0
3 years ago
Way Cool produces two different models of air conditioners. The company produces the mechanical systems in its components depart
Arlecino [84]

Answer:

Way Cool

1. Overhead Cost per unit for each product line:

                                      Model 145                        Model 212

Overhead cost per unit    $434.97                         $457.59

2. Total cost per unit for each product line:

                                      Model 145                        Model 212

Total cost per unit           $634.97                          $569.59

3. The profit or loss per unit for each model:

                                      Model 145                        Model 212

Market price                      515.95                             303.34

Loss per unit                   $119.02                          $266.25

Explanation:

a) Data and Calculations:

Process Activity     Overheads   Driver Quantity     Components  O/H rates

Changeover          $ 627,450     Number of batches        890          $705

Machining                 379,155      Machine hours            8,050            $47.10

Setups                      108,000      Number of setups            60       $1,800

Total                     $ 1,114,605

Finishing

Welding                 $ 220,580     Welding hours             4,100       $538

Inspecting                 254,200     Number of inspections 820       $310

Rework                        47,200     Rework orders               160       $295

Total                       $ 521,980

Support Purchasing $ 158,600   Purchase orders           488      $325

Providing space            30,900   Number of units        8,400      $3.68

Providing utilities         126,180    Number of units        8,400      $15.02

Total                        $ 315,680

Additional production information concerning its two product lines follows.

                                 Model 145      Model 212

Units produced            2,800             5,600

Welding hours                800              3,300

Batches                           445                 445

Number of inspections   510                 310

Machine hours            2,750             5,300

Setups                               30                  30

Rework orders                 90                   70

Purchase orders            325                 163

                                 Model 145                            Model 212

Units produced            2,800                                  5,600

Welding hours              $430,400 (800*$538)    $1,775,400 (3,300 * $538)

Batches                            313,725 (445*$705)          313,725 (445*$705)

Number of inspections    158,100 (510*$310)             96,100 (310*$310)

Machine hours                129,525 (2,750*$47.10)   249,630 (5,300*$47.10)

Setups                               54,000 (30*$1,800)          54,000 (30*$1,800)

Rework orders                 26,550 (90*$295)            20,650 (70*$295)

Purchase orders             105,625 (325*$325)          52,975 (163*$325)

Total overhead costs $1,217,925                       $2,562,480

Units produced            2,800                                  5,600

Overhead cost per unit    $434.97                         $457.59

Direct labor and materials 200.00                             112.00

Total cost per unit           $634.97                          $569.59

Market price                      515.95                             303.34

Loss per unit                    $119.02                          $266.25

4 0
3 years ago
Longordia Foods is expecting to generate after-tax income of $1,558,888, $2,933,312, and $3,261,712 for each of the next three y
Digiron [165]

Answer:

30.86%

Explanation:

It is a financial ratio used for the capital budgeting. It is the ratio of the average return generated by the capital asset and the its average book value in the given period.

Formula for ARR is as follow

ARR = Average Net Income  / Average Investment

Average Net Income = ( $1,558,888 + $2,933,312 + $3,261,712 ) / 3

Average Net Income = $2,584,637

Average Investment = $8,375,000

Placing values in the formula

ARR = $2,584,637 / $8,375,000

ARR = 0.3086 = 30.86%

6 0
3 years ago
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