Answer:
B. A debit to Cash Over and Short for $5.
Explanation:
Preparation to determine what The entry to replenish the petty cash fund will include:
Dr Expenses $383
Dr Cash Over and Short $5
[$450-($383+$62)]
Cr Cash $388
($383+$5)
(To replenish petty cash fund)
Cash shortage=$450 - $62 - $383
Cash shortage= $5.00
Reimbursement and credit to cash=$383+$5.00 Reimbursement and credit to cash= $388
Therefore The entry to replenish the petty cash fund will include: A debit to Cash Over and Short for $5
Answer:
contemporary
Explanation:
Since in the question it is mentioned that the vernon has set up the system having an input, output, etc also the management style should be changed as per the individual & environmental situation so here he applied the contemporary perspective for minimizing the errors so that the wastage could be reduced and helps in attaining the objectives in an efficient manner
Answer:
Explanation:
Sales: 850,000
Variable Cost: (850,000*60%) = <u>510,000</u>
Contribution Margin = 850k-510k= <em>340,000</em>
Fixed cost = 174,000
Depreciation = <u>75,000</u>
Earnings Before Taxes = <em>91,000</em>
Taxes (30%) = <u> (27,300)</u>
<h3>Net Income <u>
63,700</u></h3>
Answer:
Explanation:
first of all we need to identify the present value of laibility
v= 85000/(1+15%)^4
Pv = 48599 which is equal to cash recieved.
We need to perpare amotization schedule to recognize closing laibiltity carying amount and interst expense
Amortization schedule
Year Amount Interest 15% Closing Amount
1 48599 7289.85 55888.85
2 55888.85 8383.33 64272.18
3 64272.18 9640.83 73913
4 73913.00413 11086.95 85000
Entries
Cash 48599
Long term Liability 48599
To record the long term laibility
Interest Expense 7289.85
Laibilty 7289.85
To record the interest expense on the laibility
Answer:
A credit of $800
Explanation:
Accumulated depreciation is the total depreciation for a fixed asset that has been charged to expense since that asset was acquired and made available for use.
The accumulated depreciation account is an asset account with a credit balance which means that it is presented on the balance sheet as a reduction from the original cost of fixed assets.
As the accumulated depreciation has unadjusted credit balance of $600, any adjustment in credit column of $200 will make its total to $800 ($600+ $200).
The original cost of the asset less the amount of accumulated depreciation and any impairment is known as its carrying amount.