1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
A company's direction, objectives, and strategy Group of answer choices are set in stone as the end of the planning process. nev
STALIN [3.7K]

Answer:

are never final, as managing strategy is an on-going, dynamic process.

Explanation:

In Business management, a strategy can be defined as a set of guiding principles, actions and decisions that an organization combines so as to achieve its business goals, attract customers and possess a competitive advantage over its rivals in the industry.

Business strategy sets the overall direction for the business because it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan. The components of a business strategy includes the following;

I. Value.

II. Vision.

III. Mission.

Hence, a company's direction, objectives, and strategy are never final because managing strategy is a continuum or an on-going, dynamic process. Thus, it's never a now and then task.

6 0
3 years ago
The following information is for employee William Heedy for the week ended March 15.
ioda

Answer:

1. b. $896.00

2. c. $317.20

3. a. $578.80

4. b. $67.20

5. d. $4.80

Explanation:

1. WIlliam's total earnings

40 hours at $16 = $640

8 hours at $32 = $256

Total                  = $896

2. WIlliam's total deductions

Income Tax                                        $200

United Fund deduction                     $50

Social security tax (6% * $896)         $3.76

Medicare tax (1.5% * $896)                <u>$13.44</u>

Total                                                    <u>$317.20</u>

3. William's net pay

= Total earnings - Total deductions

= $896 - $317.20

= $578.80

Cash Paid is $578.80

4. Employers FICA based on Williams pay

Social Security and Medicare taxes = 7.5% * $869 = $67.20

5. Employers Federal Unemployment based on Williams pay

Federal unemployment tax = 0.8% * $600 = $4.80

7 0
3 years ago
Choco Chocolata is a cookie company in Juarez, Mexico that produces and sells American-style chocolate chip cookies with extreme
lyudmila [28]

Answer:

(1) The total amount of product costs is $79,430.

(2) The total amount of period costs is $37,300.

Explanation:

Note: There are two requirements in this question as follows:

(1) What is the total amount of product costs?

(2) What is the total amount of period costs?

These two are answered as follows:

(1) What is the total amount of product costs?

Product cost can be described as the expenses that are incurred in order to produce a product. These types of expenses are charged to cost of goods sold and include direct materials, direct labor, factory overhead, and consumable production supplies.

Therefore, the total amount of product costs of Choco Chocolata can be calculated as follows:

Choco Chocolata

Computation of Total Product Costs

<u>Details                                                                     Amount ($)   </u>

Utilities for the bakery                                                  2,100

Paper used in packaging product                                  180

Salaries and wages in the bakery                            23,500

Cookie ingredients                                                    43,500

Bakery labor fringe benefits                                        1,300

Bakery equipment maintenance                                   800

Depreciation of bakery plant and equipment           2,200

Uniforms for bakers                                                        750

Insurance for the bakery                                                900

Boxes, bags, and cups used in the bakery                 1,100

Overtime premiums                                                     2,600

Idle Time                                                                  <u>        500  </u>

Total                                                                          <u>   79,430   </u>

Therefore, the total amount of product costs is $79,430.

(2) What is the total amount of period costs?

Period costs are costs that are related to passage of time but cannot not be charged to the cost of goods sold.

Therefore, the total amount of period costs of Choco Chocolata can be calculated as follows:

Choco Chocolata

Computation of Total Period Costs

<u>Details                                               Amount ($)   </u>

Administrative costs                             2,300

Rent for administration offices            18,500

Advertising                                            3,500

Office Manager's salary                    <u>  13,000  </u>

Total                                                    <u>  37,300   </u>

Therefore, the total amount of period costs is $37,300.

8 0
2 years ago
What happens to each company's net income if sales increase by 20%?
Tju [1.3M]
The company's net income will grow higher if it increases by 20% and then it will just keep getting higher and higher. Hope this helped, have a great day! :D
8 0
3 years ago
The better-off test for evaluating whether a particular diversification move is likely to generate added value for shareholders
Arada [10]

Answer:  Has competitively valuable value chain match-ups with the company's present businesses such that its businesses can perform better together than apart.

Explanation:

The better-off test of diversification is that the company must gain a return that is higher than incremental growth. Incremental growth is usually defined a 1 + 1 = 2 formula and this test argues that Diversification must provide more than this such that the company achieves synergistic growth ( 1 + 1 = 3) which is what happens when different entities work better together than alone.

Diversification should therefore be into an area that will be able to match-up with the company's present businesses such that its businesses can perform better together than apart and produce even greater returns.

5 0
3 years ago
Other questions:
  • Club A offers membership for a fee of $ 23 plus a monthly fee of $ 29. Club B offers membership for a fee of $ 27 plus a monthly
    6·1 answer
  • There are three key reasons for putting the customer into customer solutions in selling: (1) considerable time and effort is nec
    5·1 answer
  • The blackwell group is unable to obtain financing for any new projects under any circumstances. which term best applies to this
    9·1 answer
  • ​finn and glenda want to form and do business as hobby crafts corporation. a corporation is
    10·1 answer
  • Government can encourage entrepreneurs by
    7·1 answer
  • Interest rates generally reflect
    5·1 answer
  • When a parent uses the equity method throughout the year to account for its investment in an acquired subsidiary, which of the f
    15·1 answer
  • Which two of the following are long-term sources, of finance?
    5·1 answer
  • Do do this my Name is what???
    12·1 answer
  • A builder and a wealthy landowner entered into a written contract whereby the builder would build on the grounds of the landowne
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!