Answer:
c. A credit to Cash of $272.75.
Explanation:
These transactions can be explained with the help of T- Account .
<h2><u> Cash </u></h2><h3><u>Debit Credit </u></h3>
Bal $ 500
Freight $61
Shipping
Charges $ 85
Supplies $ 50
Donation $ 69
Suspense 7.75
<u>Fund $ 227.25 </u>
Fund $ 227.25
<u> Reimbursement </u><u> $272.75</u>
<u> $ 500 </u>
<u />
<em><u>As there is shortage of $ 272.25 in the amount of $ 500 the petty cash will be reimbursed with this amount.</u></em>
<em><u>An amount of $ 7.75 is short which is dealt in suspense account and reimbursed with the amount falling short.</u></em>
The answers are
Savings accounts become less desirable because interest earned is lower than inflation
Individual purchasing power increases, which results in an increase in demand.
Answer: See explanation
Explanation:
a. inventory turnover ratio
This will be calculated as:
= Sales cost / Average inventory
= $67,596 / $9301.50
= 7.2672
= 7.27
(b) average days in inventory.
This will be calculated as:
= 365 days / Inventory turnover ratio
= 365 / 7.27
= 50.20
= 50 days
Note:
Average inventory = ($10,321 + $8,282) / 2 = $9301.50
Answer:
a.periodic system determines the inventory on hand only at the end of the accounting period
TRUE under perpetual method, the company know pretty on a daily basis how much inventory is in their existences.
While periodic system will only determinate this near year-end or end-of-the-month if needed
Explanation:
c.periodic system keeps a record showing the inventory on hand at all times
d.periodic system records the cost of the sale on the date the sale is made
FALSE. As the periodic system will determinate inventories valaution at year-end or end-of-the-month
The answer will be: In debt crowdfunding, people invest money in a company in exchange for the company's shares. It works like this: <span>an investor receives shares for their investments, with the expectations that the organization they are investing in will pay dividends on profit share</span>
