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
The limitation of using short-term contracting as an alternative method to make an in-house component is that the supplier gets no reward in relation to transaction-specific investments for enhancing performance or quality.
Option D is the correct answer.
<h3>What do you mean by component in-house?</h3>
Component in-house refers to producing the goods or services in the company itself, that is, in the factories.
A short-term contract is a type of contract which is generally not more than one year. The supplier could not get any kind of profit or rewards from short-term contracts which they can use for raising its performance and quality. This happens due to the shorter duration of the contract.
Therefore, there are no gains to the suppliers from investments made in the short-term contract if they use it as a method of making an in-house component.
Learn more about the short-term contracts in the related link:
brainly.com/question/16863469
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Answer: $20,455.66
Explanation:
These are fixed payments per year so it is an annuity.
The present value annuity factor for a discount rate of 10% and 6 years duration is 4.3553.
The present value of the investment is therefore;
= 65,000 * 4.3553
= $283,094.50
The special payment in 2 years from today will be;
Special payment = future value of difference between investment amount and investment present value
= (300,000 - 283,094.50) * ( 1 + 10%)^2
= $20,455.66
Answer:
Public-Private Partnership and soft-skill education
Explanation:
When an economy encourage investment in its private sector, through what is referred to as public-private partnership, it opens door to more investment opportunities to grow its economy. Such economic policies also make way to address unemployment and professionals skill development.
Secondly entrepreneurship opportunities are the most fundamental strategies to grow a nations economy. That is to say, when individual soft-skill are encouraged, most of her citizens will key into the various areas where they skills are most needed. Amen
The auditor should only perform tests of control when the
procedure of which are substantive alone are not enough to provide sufficient evidence
in which should be at the relevant assertion level and by that, the auditor
should perform test on the controls.