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Oduvanchick [21]
4 years ago
9

While examining cash receipts information, the accounting department determined the following information: opening cash balance

$180, cash on hand $1,350.89, and cash sales per register tape $1,186.34. Prepare the required journal entry based upon the cash count sheet.
Business
1 answer:
Vlad1618 [11]4 years ago
6 0

Answer:

Cash $1,170.89

Cash Over/Short $15.45

     To Sales Revenue  $1,186.34

(Beingthe cash is recorded)

Explanation:

Before passing the journal entry first we have to determine the ending cash balance which is shown below:

Ending Cash Balance is

= Opening Cash Balance + Sales

= $180 + $1,186.34

= $1,366.34

Short cash is

= Ending cash balance - cash on hand

= $1,366.34 - $1,350.89

= $15.45

And, the actual cash is

= Cash on hand - opening cash balance

= $1,350.89 - $180

= $1,170.89

Now the journal entry is

Cash $1,170.89

Cash Over/Short $15.45

     To Sales Revenue  $1,186.34

(Being the cash is recorded)

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Erkkila Incorporated reports that at an activity level of 6,800 machine-hours in a month, its total variable inspection cost is
Mashutka [201]

Answer:

27.79

Explanation:

According to the given situation, the computation of average fixed inspection cost per unit is shown below:-

Average fixed cost of inspection = Inspection cost ÷ Machine hous in a month

= $197,309 ÷ 7,100

= 27.79

Therefore for computing the average fixed inspection cost per unit we simply applied the above formula.

3 0
3 years ago
The assembly department had beginning work in process of 18,000 units, ending work in process of 22,000 units, and units transfe
salantis [7]
Hi there

beginning work in process+units started or transferred in=ending work in process+units transferred out

So we need to find units started or transferred in=58,000+22,000−18,000
=62,000...answer

Hope it helps
3 0
4 years ago
Plan production for a four-month period: February through May. For February and March, you should produce to exact demand foreca
Alex73 [517]

Answer:

The optimal production plan gives a total costs of $417,672 for the periods Feb to May

In Feb we will have to hire 26 workers to close the gap between demand and production from our 100 existing workers

In March however, we will have to lay them off (26 workers) to keep our production in line with demand.

In April, we are constrained to 100 workers, thus requiring that we run overtime. The overtime requirement is between 3,060 hours to max of 5,000 hours. Note that inspire of the hours chosen, demand for April still won't be fulfilled.

The best option will be the one that gives us last backlog because of the costs of backorder being extremely costly.

5,000 overtime hours in April is the best option .

In May, we are constrained to our 100 workers, meaning we will fulfill our back orders and also retain inventory in hand of 7,760 units.

The 3 pages attached show how the cost is worked out and the presentation as well.

3 0
4 years ago
9. The least risky method by which firms conduct international business is: a franchising b. acquisitions of existing operations
TEA [102]

Answer:

c. international trade

Explanation:

Options A and E are wrong because franchising and licensing businesses need to pay a special commission or extra expense to do the business. In that case, if the first company faces any disreputed problem due to the food, it is challenging for other franchisees to operate. Licensing business needs a massive cost at the start of the market.

Options B and D are wrong because acquisitions of existing operations or establishing a new subsidiary require high investment.

<em>Option C</em> is correct because international trade can take place at any time. There is a little cost when the trading period starts. Otherwise, there are not many costs. So, it is a less risky method.

4 0
3 years ago
Three years ago, you purchased some 5-year MACRS equipment at a cost of $135,000. The MACRS rates are 20 percent, 32 percent, 19
dem82 [27]

Answer:

d. The tax due on the sale is $14,830.80

Explanation:

Calculation to Determine Which of these statements is correct if your tax rate is 34 percent

First step is to calculate the Book value

Book value = $135,000 × (1 −.20 −.32 −.192)

Book value= $38,880

Second step is to calculate the Taxable amount

Taxable amount = $82,500 - 38,880

Taxable amount = $43,620

Now let calculate the tax due on the sale

Tax = $43,620 × .34

Tax= $14,830.80

Therefore The statements that is correct if your tax rate is 34 percent will be :

The tax due on the sale is $14,830.80

3 0
3 years ago
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