1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
levacccp [35]
3 years ago
9

Havermill Co. establishes a $460 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei

pts on that date represent $94 for Office Supplies, $179 for merchandise inventory, and $43 for miscellaneous expenses. The fund has a balance of $144. On October 1, the accountant determines that the fund should be increased by $92. The journal entry to record the reimbursement of the fund on September 30 includes a:
Business
1 answer:
frozen [14]3 years ago
5 0

Answer:  Debit Petty cash $408; Credit Cash $408.

Explanation: Petty cash is a small amount of fund set aside for immediate or urgent minor expenses. In most organizations, there is a limit to the petty cash amount that a business unit can have. And someone is always saddled with the responsibility of managing the fund. It has its business rule in the sense that the amount should not be withdrawn beyond zero balance to throw it into debit.

In the instance of the question, the petty cash is $460 and within September, total expenses of $316 were incurred and paid for, leaving a balance of $144. However, the accountant determines that this cash should be increased by $92 on 1 October, so reimbursement to the fund would be the amount already spent ($316) and the proposed increment ($92), making $408.

You might be interested in
Analysts who follow Howe Industries recently noted that, relative to the previous year, the company's net cash provided from ope
kondor19780726 [428]

The correct question is:

Analysts who follow Howe Industries recently noted that, relative to the previous year, the company's net cash provided from operations increased, yet cash as reported on the balance sheet decreased. Which of the following factors could explain this situation?

Select one:

a. ​The company cut its dividend.

b. ​The company made large investments in fixed assets.

c. ​The company sold a division and received cash in return.

d. ​The company issued new common stock.

e. ​The company issued new long-term debt.

Answer:

b. ​The company made large investments in fixed assets.

Explanation:

The operating cash if invested in fixed assets will increase cash flow in the business. Since the cash is not used in production within that period (was invested in long term asset), it will not be represented as cash flow for this period. So reported cash will be low.

Companies invest in long term assets that will produce returns in to future, so cash flow from this investment will appear at a future date.

8 0
3 years ago
Read 2 more answers
Which of the following skills do employers in any field expect their employees<br> to have?
PilotLPTM [1.2K]

Answer:

Where is the rest of the options of your question?

8 0
3 years ago
Read 2 more answers
Which of the following is a drawback of virtual teams?a. They are highly rigid because of organizationally dispersed team member
SVEN [57.7K]

Answer: A. They are highly rigid because of organizationally dispersed team members.

C. They often suffer from a lack of understanding regarding the team's purpose.

4 0
3 years ago
Read 2 more answers
Under the Uniform Limited Liability Company Act (ULLCA), managers in a manager-managed LLC owe fiduciary duties, such as the dut
Ivahew [28]

Answer:

True

Explanation:

The reason is that all the management owe fiduciary duties towards the shareholders and the corporation as well because the managers are acting as an agent and their principal is shareholders are principal so the agent must act in the best interest of the principal and shareholder's best interest here is long term success of the company with no fraudulent activities in the company. This law protects the shareholders by stating that management owe fiduciary duty to shareholders which is a true statement.

4 0
3 years ago
Read 2 more answers
A good with many close substitutes is likely to have relatively ___________(elastic,inelastic) demand, since consumers can easil
butalik [34]

Answer:

Elastic demand

A heart valve

Explanation:

A good with many close substitutes will have a highly elastic demand. This is because an increase in the price of the good will causes the consumers to purchase one of its cheaper substitutes.  

If both a diamond necklace and a heart valve for heart attack victims are priced the same, the price elasticity for the heart valve will be lower. This is because the diamond necklace is a luxury good but the heart valve is necessary for the survival of the victim.

6 0
3 years ago
Other questions:
  • Kristian Thalen has just joined the corporate treasury group at Electrolux of Sweden, a multinational Swedish appliance maker. E
    5·1 answer
  • Market research should be conducted:
    11·1 answer
  • 3. What is the balance sheet equation?​
    10·2 answers
  • In times of economic downturn, which of the following businesses is most likely to do well?
    10·2 answers
  • Allen filed his 2019 tax return on May 15th, 2020, and underreported his gross income by 30 percent. Assuming Allen's underrepor
    11·1 answer
  • According to the information provided in english 120, why might a subject encyclopedia be useful to start a research project?
    11·1 answer
  • Some hospitals in the United States find that their need for radiologists to read X-rays is volatile during the evening and earl
    15·1 answer
  • Both the demand curve and the supply curve are straight lines. If the price is $4 but only 6 units are bought and sold, producer
    15·1 answer
  • Which level of strategic management focuses on the organization as a whole?
    12·1 answer
  • Knowledge Check 01
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!