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4 years ago

Prepare journal entries for each of the following

Business

1 answer:

vova2212 [387]4 years ago

7 0

Answer:

The Journal entries are as follows:

(a) On March 1,

Petty cash A/c Dr. $1,000

To cash $1,000

(To record petty cash fund)

(b) On April 1,

Repairs Expense A/c Dr. $600

Miscellaneous Selling Expense A/c Dr. $56

To Cash Short and Over $29

To cash $685

(To record cash short and over account.)

Notes:

Cash Short and Over = 1000 - (600 + 56 + 315)

= $29

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Why is keystone so bad

Vaselesa [24]

Answer:

Keystone XL would be bad for wildlife, especially endangered species. Also without Keystone XL, the same amount of bitumen will be produced and the U.S. will still get all of it through the other pipeline projects. Keystone is not needed!

Explanation:

3 0

3 years ago

An animator needs a laptop for audio/video editing, and notices that he can pay $2600 for a Dell XPS laptop, or lease from the m

Goshia [24]

Answer:

Cost of leasing over buying is $144.59

Explanation:

For computing the cost of leasing the laptop over buying it outright, we have to calculate the present value is shown below:

Given that,

Future value = $0

Rate of interest = 14% ÷ 12 months = 1.17%

NPER = 4 years × 12 month = 48 months

PMT = $75

The formula is shown below:

= PV(Rate;NPER;-PMT;FV;type)

So, after solving this, the present value is $2,744.59

And, the buying amount is $2,600

So, the difference is

= $2,744.59 - $2,600

= $144.59

3 0

3 years ago

Reba dixon is a fifth-grade schoolteacher who earned a salary of $38,000 in 2017. she is 45 years old and has been divorced for

dezoksy [38]

Explanation

Alimony received: $1,200 per month × 12 months = $14,400

Gift from mother = $3,000 gift excluded from income

Disability insurance payments: $800 of $2,000 (40%) of payment excluded because taxpayer paid 40% of premium on insurance policy = $1,200

Moving expenses: $2,010 (for moving company) + $200 (for lodging) + $242 for mileage (1,426 miles × .17 cents per mile) = $2,452

Medical expenses: $6,445 − $6,385 [10% × (3)] = $60

Casualty loss deduction: $900 − $100 = $800 − $6,385 [10% × (3)] = $0

Personal and dependency exemptions: One personal and one for Heather. See Note A. below (2 × $4,050) = $8,100

Tax on taxable income: See head of household tax rate schedule; $1,335 + $4,955.70 [15% × ($46,388 − $13,350)] = $6,291

Note A. The first question we have to answer to determine Reba’s filing status is whether she can claim Heather as a dependent. If so, she may qualify for head of household filing status. If not, she will file a single taxpayer.

Does Heather qualify as Reba’s dependent? Yes, as analyzed below.

TestIs Heather a qualifying child of Reba?RelationshipYes, daughterAgeYes, under age 24 and a full- time student (and younger than Reba).ResidenceYes, Heather had the same principal residence as Reba for the entire year.SupportYes. Heather did not provide more than half of her own support. Her scholarship does not count as support she provided for herself because she is Reba’s child.

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3 years ago

If employers do not require a(n) __________, performance appraisal ratings often do not match the normal distribution of a bell-

Lubov Fominskaja [6]

Answer:

forced distribution

Explanation:

Based on the rest of the sentence it can be said that the missing term is forced distribution. This is a system that requires managers to evaluate each individual and rank them typically into one of three categories. These categories are excellent, good, and poor and allow managers to indicate if the employee should be terminated, is doing good, or is in-line for promotion as indicated in the graph below. This term is also known as the vitality curve or bell curve.

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3 years ago

Blain Company has $10,000 of accounts receivable that are current, $5,000 that are between 0 and 30 days past due, $3,000 that a

True [87]

Answer:

d. $1050.

Explanation:

We multiply each account balance by the expected uncollectible amount and then addd them to get the expected total for doutful accounts

$\left[\begin{array}{cccc}Date&Amount&Expected&uncollectible\\$not due&10000&0.02&200\\$up to 30&5000&0.05&250\\$up to 60&3000&0.1&300\\$more than 61&800&0.5&400\\&&Total&1150\\\end{array}\right]$

Balance of the allowance account: 100

The expense will be the adjustment made on the allowance to get the expected balance of 1,150

1,150 - 100 = 1,050

we increase the allowance bu 1,050 to get our expected uncollectible fro maccounts receivable agaisnt the bad debt expense ofthe period.

8 0

3 years ago