Answer: C. A debit to Petty Cash of $189.
Explanation: from the above question, the total amount given out of the petty cash is $189. That is why we are reimbursing the petty cash with $189.
In Accounting, the receiving account is debited while the giving account is credited. That is why we will reimburse the petty cash account by Debiting the petty cash account with $189 and crediting the bank with $189.
What ever you enjoy doing go for it and you wont know that you don't like it unless you try it and whatever you are interested in look it up and get some information and if it doesn't seem like you then go for something different.
I hope that helped!!!
Answer:
The share of bill net income is $24,857
Explanation:
The computation of the share of bill net income is shown below:
Given that
Profit sharing ratio of Bill and BOb is 6 : 1
And, the net income of the firm is $29,000
So, the share of bill net income is
= Net income × bill share
= $29,000 × 6 ÷ 7
= $24,857
Hence, the share of bill net income is $24,857
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Answer: A $250,000 gain should be in the "discontinued operations" section of the income statement.
Explanation:
Since there was a loss of $600,000 for the period from January through the sale date while there was a gain of $850,000 on the actual sales, then the situation should be reported in the financial statements of Family Fashions for 2009 as a gain of ($850,000 - $600,000) = $250,000 should be in the "discontinued operations" section of the income statement.
Discontinued operations refers to the part of the business which has been shut down or divested. They're separated from the continuing operations when reported.
Answer:
50 units
Explanation:
Particulars Physical units % Conversion EUP-Conversion
Ending Work-in-Process 200 25% 50 (200*25%)
Equivalent unit of production 200 50
So, the total equivalent units in ending inventory for assignment of conversion costs is 50 units.
