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3 years ago

The petty cash fund of $200 for Tomkins Company appeared as follows on December 31, 2014

Business

1 answer:

Ilya [14]3 years ago

8 0

Answer:

Explanation:

Petty Cash (200-50.6) Dr.$149.4

Cash Cr.$149.4

Freight In Dr. $58.4

Postage Dr.$40

Balloons Expense Dr.$20

Meals Expense Dr.$25

Cash Cr.$143.4

2. Petty Cash Dr.$50

Bank/Cash Cr.$50

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A buyer has decided to offer $335,000 for a home that she really likes. The bank will loan her 80% of the purchase price for 30

RUDIKE [14]

Answer:

We have:

Amount of principal = $268,000

Interest payment = $1,522.24

Explanation:

These can be calculated as follows:

Loan principal = Cost of the home * Percentage to borrow = $335,000 * 80% = $268,000

Interest payment = (Loan principal / $1,000) * $5.68 = ($268,000 / $1,000) * $5.68 = 268 * $5.68 = $1,522.24

Therefore, we have:

Amount of principal = $268,000

Interest payment = $1,522.24

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3 years ago

Walker Telecommunications has a quick ratio of 2.00x, $35,550 in cash, $19,750 in accounts receivable, some inventory, total cur

Oduvanchick [21]

Answer:

Option C: 8.44 times

Explanation:

Quick ratio(also called as acid test ratio) is the indicator of a company's liquidity position at a very short period which only considers the most liquid assets and ignores Inventory & other assets which cannot be realised immediately.

As we know that Quick Ratio = [Current Assets - Inventory - Prepaid Assets] / Current Liabilities

2.00 = $79,000 - Inventory - 0] / $27,650

=> Inventory = $23,700‬

Inventory turnover ratio gives us the number of times the company sells and replaces its inventory during the period.

Annual Sales = $200,000

Inventory Turnover Ratio = Sales / Average Inventory

=> $200,000 / $23,700 => 8.44 times

8 0

3 years ago

Chu Company provided the following information related to its inventory sales and purchases for December Year 1 and the first qu

rosijanka [135]

Answer:

Option (a) is correct.

Explanation:

For February,

Opening inventory would have been:

= 25% of February

= (25% × $89,000)

= $22,250

Ending inventory would have been:

= 25% of March

= (25% × $59,000)

= $14,750

Hence,

Cost of goods sold = Opening inventory + Purchases - Ending inventory

$89,000 = $22,250 + Purchases - $14,750

Purchases = $89,000 + $14,750 - $22,250

= $81,500

Therefore, the budgeted purchases of inventory in February Year 2 would be $81,500.

4 0

3 years ago

Exercise 183 Wayne Company reported net income of $265,000 for 2020. Wayne also reported depreciation expense of $45,000 and a l

Cerrena [4.2K]

Answer:

Net cash flow of the operating activities is $356,000

Explanation:

Wayne Company

Partial statement of Cash flow

For the year Ended December 31, 2021

Cash flow from operating activities:

Net Income $265,000

Adjustment to reconcile net income to net

cash provided by operating activities

Depreciation expenses $45,000

Loss on sale of equipment $8,000

Decrease in accounts receivable $15,000

Decrease in prepaid expenses $6,000

Increase in accounts payable $17,000 $91,000

Net cash provided by operating activities $356,000

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3 years ago

A company purchased new equipment for $48,000. The company paid cash for the equipment. Other costs associated with the equipmen

brilliants [131]

Answer:

The cost recorded will be $53,400

Explanation:

In this question, we are to give the value of the amount recorded as the cost of the new equipment.

By simply doing some additions, we will be okay.

mathematically, this would be

Cost of equipment recorded = cost of equipment + transportation cost + sales tax + installation cost = 48,00 + 1,200 + 2,500 + 1,700 = $53,400

4 0

3 years ago