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Natali [406]
3 years ago
10

Havermill co. establishes a $460 petty cash fund on september 1. on september 30, the fund is replenished. the accumulated recei

pts on that date represent $94 for office supplies, $179 for merchandise inventory, and $43 for miscellaneous expenses. the fund has a balance of $144. on october 1, the accountant determines that the fund should be increased by $92. the journal entry to record the establishment of the fund on september 1 is:
Business
1 answer:
svp [43]3 years ago
4 0

Answer:

Explanation:

The journal entry to record the establishment of the fund on September 1 is:

Debit: Petty Cash. $460

Credit: Bank. $460

Being cash drawn for petty cash.

Other journal entry for the disbursement of the petty cash fund are:

1. Debit: Office Supplies. $94

Credit: Petty cash. $94

Being cash paid for office supplies

2. Debit:Merchandise inv. $170

Credit: Petty Cash. $170

Being cash paid for merchandise inventory

3. Debit: Miscellaneous exp. $43

Credit : Petty cash. $43

Being cash paid for miscellaneous expenses.

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3 years ago
During its first year of operations, Silverman Company paid $12,385 for direct materials and $10,600 for production workers' wag
Bingel [31]

Answer:

Finished goods inventory final balance= 12, 495

Explanation:

PRODUCTION COST COMPONENTS

  • Direct materials 12,385  
  • Direct work 10,600  
  • Lease and utilities 9,600

TOTAL PRODUCTION COST = 32,585

TOTAL UNITS PRODUCED = 6,650

UNIT COST= (Total Production Cost / Total Units Produced) = 32,585 / 6,650 = 4.9  

FINAL GOODS INVENTORY = (Total Units Produced – Total Units Sales) = 6,650 – 4,100 = 2,250

FINAL GOODS INVENTORY AMOUNT = (Final goods Inventory * Unit Cost) = 2,250 * 4.9 = 12,495

4 0
4 years ago
The management of Indiana Corporation is considering the purchase of a new machine costing $400,000. The company's desired rate
OLga [1]

Answer:

The average rate of return for this investment is 21%

Explanation:

Average rate of return : The average rate of return shows the ratio between average net income and average initial investment.

Mathematically,

Average rate of return = Average Net income ÷ Average Initial Investment

where Average Net income = Total years of net income ÷ Number of years

= ($100,000 + $60,000 + $30,000 + $10,000 + $10,000) ÷ 5

= $42,000

And, Average Initial Investment = Initial Investment ÷ 2

                                                     = $400,000 ÷ 2

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Now, average rate of return = $42,000 ÷ $200,000

                                              = 21%

Thus, the average rate of return for this investment is 21%

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3 years ago
Critically discuss if government interventions to alleviate poverty are sustainable over a long period of time
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I don’t believe that government interventions are sustainable over a long time.<span>
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7 0
4 years ago
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3 years ago
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