Answer:
The answer is: $38,429
Explanation:
You need to withdraw 208 payments (52 weeks x 4 years)
Each payment is $200
Discount interest is 0.0769% (4% yearly interest / 52 weeks)
So the present value of the cash flow is: PV = $38,429
The best way to calculate the PV is to use an excel spreadsheet and the NPV formula:
=PV(0.0769%,L1:L208) where L1 to L208 all equal 200
Answer:
Explanation:
The journal entries are shown below:
1. Petty cash A/c Dr $264.2
To Cash A/c $264.2
(Being petty cash fund established)
2. Freight - in expense A/c Dr $75
Supplies expense A/c Dr $40
Postage expense A/c Dr $48
Loan to employees A/c Dr $32
Miscellaneous expense A/c Dr $51
Cash over and short A/c Dr $2.9
To Cash A/c Dr $248.9 ($264.2 - $15.3)
(Being disbursement of cash recorded)
3. Petty Cash A/c Dr $115
To Cash A/c $115
(Being increase in petty cash recorded)
Broadbent's model is called an early selection model because <span>the filtering step occurs before the meaning of the incoming information is analyzed.</span>
I could be wrong but his gross pay is 249.4
Answer:
Option B is the correct answer.
Explanation:
The sale of finished goods worth $54000 for an amount of $150000 will require us to recognize a revenue of $150000 and a reduction in inventory of finished goods worth $54000.
Option a is incorrect as the gross profit is not recognized on balance sheet. The gross profit is an income statement item.
Option c is incorrect as the sale of finished goods will cause a reduction in the finished goods inventory for the amount of goods sold.
Option d is incorrect as the sale will be recognized in sales revenue on the profit and loss statement and not on the balance sheet as revenue is a profit and loss statement account.
Thus, option b is the correct answer as the sale of finished goods will be represented by a reduction in finished goods inventory by the cost of the goods sold which is $54000.
