Answer:
Explanation:
The journal entries are shown below:
1. Petty cash A/c $1,100
To Cash A/c $1, 100
(Being the petty cash fund is established)
2. Office supplies A/c Dr $614
Miscellaneous selling expense A/c Dr $200
Miscellaneous administrative expense A/c Dr $145
Cash short and over A/c $26
To Petty cash A/c $985
(Being the expenses are recorded)
The Cash short and over is computed below:
= $1,100 - $115- $614 - $200 - $145
= $26
Answer:
1 crop rotation maintains soil fertility because crops use up different nutrients
Answer:
$13.5 million
Explanation:
Fractional Banking System- This is banking system where banks are required by the central banking authority to keep a certain percentage of their total deposit as the minimum reserve which they cannot lend out.
The idea behind this requirement is to help manage liquidity risk- a situation where a bank does not have enough cash to meet its deposit customers demand.
Required-reserve ratio: The minimum percentage that banks are required to keep as reserve is known as the required-reserve ratio. In this question, it is given as 10%. Multiply this ratio by the total deposit and you will get the required reserve in dollar amount.
Therefore the required reserve for this bank = 10% ×$15 million= $1.5 million
Excess reserve; Excess reserve is the balance of the total deposit over and above the required reserve. The bank can lend and create loan asset from this balance.
It is calculated as = Total deposit - Required reserve
So we apply this to our question
Excess reserve = $15 million - (10% × $15 million)
= $15 million - $1.5 million
= $13.5 million
A) The lender benefits, because the interest compounded increases further interest calculations.
The net sales of the given set of data is:
<h3>What is Net Sales?</h3>
This refers to the addition of a company's gross sales minus the expenses which includes returns, allowances, etc.
The Gross Sales:
Sales revenue: $200,000
Cost of goods sold: $120,000
Total = $200,000 - $120,000
=$80,000
Expenses:
Sales allowances and discounts: $5,000
Sales discounts: $3,000
Total= $5,000 + $3,000
= $8,000
Therefore, net sales = Gross Sales – Returns – Allowances – Discounts
$80,000- $8,000
=$72,000
Read more about net sales here:
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