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3 years ago

12

The sum of the money on hand and petty cash receipts in a petty cash fund will always be equal to the balance in the petty cash

account. true fals

1 answer:

VARVARA [1.3K]3 years ago

8 0

I Believe ur answer Is False.

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Federal law requires that the employer withhold _________ from the employee's pay.

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3 years ago

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Research title related to ABM

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2 years ago

When using the accounting equation, recording the purchase of equipment for cash would include an increase to the (Cash/Equipmen

Fiesta28 [93]

Answer:

Equipment account increases , and cash decreases with same amount

Explanation:

In the case of acquisition of a new equipment , the equipment account is debited (increase) while the cash account is credit with the same amount of money used for the purchase .

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3 years ago

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3 years ago

Essence of Skunk Fragrances Calculate the average collection period. (Do not round intermediate calculations and round your answ

Greeley [361]

Answer:

1. Average collection period 41.25 days

2. Receivable Turnover 8.84848485

3. Average Receivable $521,558.22

Explanation:

1. Calculation for Average collection period

First step is to calculate the Percentage of customers not receiving discounts

Percentage of customers not receiving discounts = 100% - 65%

Percentage of customers not receiving discounts= 35%

Now let calculate Average collection period

Average collection period = (65% * 15) + (35% *90)

Average collection period = 9.75 + 31.5

Average collection period= 41.25 days

Therefore the Average collection period is 41.25 days

2. Calculation to determine the Receivable Turnover using this formula

Receivable Turnover = 365 / Average collection period

Let plug in the formula

Receivable Turnover = 365/41.25

Receivable Turnover = 8.84848485

Therefore the Receivable Turnover is 8.84848485

3. Calculation to determine the amount of the company’s average receivables

First step is to calculate the Total Credit Sales

Total Credit Sales = $6,500 * $710

Total Credit Sales= $4,615,000

Now let calculate the Average Receivable using this formula

Average Receivable =Credit sales / Receivable turnover

Let plug in the formula

Average Receivable= $4,615,000 /8.84848485

Average Receivable= $521,558.22

Therefore Average Receivable is $521,558.22

6 0

3 years ago