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anzhelika [568]
4 years ago
15

Consider the following events: A petty cash fund of $200 was established on April 1, Year 1. Employees were reimbursed when they

presented petty cash vouchers to the petty cash custodian. On April 30, Year 1, the petty cash fund contained vouchers totaling $196.50 plus $2.20 of currency. Required Answer the following questions: a. How did the establishment of the petty cash fund affect (increase, decrease, or have no effect on) total assets? Increase Decrease No effect
Business
1 answer:
Nady [450]4 years ago
5 0

Answer:

No effect

Explanation:

As with opening of petty cash fund, there is an exchange in the form of asset.

The free cash is now divided in two parts, cash and petty cash.

Both are assets and the closing balance of cash in balance sheet is aggregate of free cash and petty cash.

Therefore, there is no impact in the total assets as now free cash is petty cash which is later added to free cash.

You might be interested in
7. How micro and macro economics are interdependent<br>to each other?​
fiasKO [112]

Explanation:

Actually micro and macroeconomics are interdependent. The theories regarding the behaviour of some macroeconomic aggregates (but not all) are derived from theories of individual behaviour. ... Similarly, the theory of aggregate consumption function is based upon the behaviour patterns of individual consumers.

6 0
3 years ago
"On November 10th, a customer buys 200 shares of ABC stock at $50 per share. On November 29th of the same year, the customer sel
PilotLPTM [1.2K]

Answer:

$55 per share

Explanation:

Calculation for the customer's cost basis in ABC stock

Based on the information given we were told that the customer bought the stock at the amount of $50 in which he later sold at the amount of $44 making the customers to have a loss of $6 per share ($50-$44), which means the customer adjusted of the cost basis on the stock will be calculated as :

ABC stock $49 + Loss of $6 per share

=$55 per share.

Therefore The customer's cost basis in ABC stock is: $55 per share.

7 0
3 years ago
Shirley Paul's 2-stock portfolio has a total value of $100,000. $37,500 is invested in Stock A with a beta of 0.75 and the remai
Allisa [31]

Answer:

Beta= 1.17

Explanation:

Giving the following information:

Shirley Paul's 2-stock portfolio has a total value of $100,000. $37,500 is invested in Stock A with a beta of 0.75 and the remainder is invested in Stock B with a beta of 1.42.

To calculate the Beta of the portfolio, we need to use the following formula:

Beta= (proportion of investment A*beta A) + (proportion of investment B*beta B)

Beta= (37,500/100,000)*0.75 + (62,500/100,000)*1.42

Beta= 1.17

6 0
3 years ago
True or false: A traditional costing system uses more cause-and-effect relationships in tracing costs than does an activity-base
ser-zykov [4K]

Answer: False

Explanation:

Activity based costing us when the activities of an organisation is classified. After the classification, the costs that are related to those activities will then be traced to the activities.

It should be noted that an activity-based costing system utilizes more cause-and-effect relationships when tracing costs than a traditional cost allocation system.

Therefore, the statement that's givenn in the question is false.

3 0
3 years ago
You plan to borrow $40,000 at a 6% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year pay
STALIN [3.7K]

Answer:

Interest for second year $2,114.08

Explanation:

given data

loan Amount = $40,000.00  

Interest rate r = 6.00%  

time period t = 7  

solution

we get here first Equal Monthly Payment EMI that is express as

EMI = \frac{P \times r \times (1+r)^t}{(1+r)^t-1}      ................1

here P is Loan Amount and r is rate and t is time period  

put here value and we get  

EMI = \frac{40000 \times 0.06 \times (1+0.06)^7}{(1+0.06)^7-1}    

EMI = $7165.40  

now

we get here interest for second year that is

Closing balance at year 1 = opening balance + Interest - EMI Payment

Closing balance at year 1 =  $40,000  + $2400 - $7165.40  

Closing balance at year 1 =   $35234.60

so Interest for second year $2,114.08

8 0
4 years ago
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