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3 years ago

A $53 petty cash fund has cash of $24 and receipts of $37. The journal entry to replenish the account would include a

Business

1 answer:

Karolina [17]3 years ago

3 0

Answer:

correct option is C. credit to Cash Short and Over for $8

Explanation:

given data

petty cash = $53

cash = $24

receipts = $37

solution

here credit to cash over and short that is

cash over and short = cash + receipts - petty cash .......................1

put here vale and we will get

cash over and short = $24 + $37 - $53

cash over and short = $8

so here correct option is C. credit to Cash Short and Over for $8

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Active endeavors specializes in sporting equipment. recently, it has decided to add to its business units by opening a steakhous

poizon [28]

Active endeavors specializes in sporting equipment. Recently, it has decided to add to its business units by opening a steakhouse near a convention center. This strategy is an example of: conglomerate diversification.

Conglomerate diversification is a growth strategy when organizations add new products or services that are vastly different from anything they've sold prior. These new business opportunities are unrelated to their previous and operate completely different.

5 0

3 years ago

Samuelson and Messenger (SAM) began 2021 with 210 units of its one product. These units were purchased near the end of 2020 for

ivann1987 [24]

Answer:

FIFO

Ending inventory: = 6745

Cost of goods sold: = 5120

AVERAGE

Ending inventory: 6215

Cost of goods sold: = 5650

Explanation:

The FIFO (First input, first output) method allows you to make an inventory valuation, taking into account that the first items that enter the stock are the first ones that come out.

In the method of valuation of weighted average cost inventory, a weighted average is used to determine the cost of goods sold and the value of the inventory. To do this, the cost of the goods available for sale is divided by the number of units available for sale.

(See the attached form to see the calculations)

Download docx

3 0

3 years ago

Which of the following accounts are normally reported as current liabilities on a classified balance sheet?

IRISSAK [1]

Answer:

d. Income Taxes Payable and Salaries Payable

Explanation:

Current liabilities are short term obligations of an entity due for repayment within a period of 12 months.

From the options given d. Income Taxes Payable and Salaries Payable both presents current liabilities.

7 0

3 years ago

Park Ridge Company is considering the replacement of a machine that is presently used in production. The following data are avai

Ainat [17]

Answer:

The Relevant Cost for Five Years $52,000.00

Explanation:

‘Relevant costs’ can be defined as any cost relevant to a decision. A matter is relevant if there is a change in cash flow that is caused by the decision.

The Park Ridge Company's Relevant Old Machine Cost for Five Years is

Disposal value now $32,000.00

Annual cash operating costs $20,000.00

Relevant Cost for Five Years $52,000.00

Old Machine

Original cost $200,000 is Sunk Cost

Useful life in years 10 5 - Will be used for the calculation of Depreciation, Therefore is an Irrelevant cost

Current age in years 5 0 - irrelevant year

Book value $100,000 - are not cash flows and so are not relevant.

Disposal value now $32,000 -

Disposal value in 5 years 0 is without a cost

4 0

3 years ago

Fess Hardware Store had net credit sales of $8,500,000 and cost of goods sold of $5,000,000 for the year. The Accounts Receivabl

polet [3.4K]

Answer: 12.5 times

Explanation:

The accounts receivable turnover tells you how effective your company's collection mechanism is.

Accounts Receivable turnover = net credit sales/accounts receivables

= 8500000/600000+760000 = 12.5 times.

5 0

3 years ago