You are part of a sales group that has been asked to give a presentation.

Waupaca Company establishes a $400 petty cash fund on September 9. On September 30, the fund shows $122 in cash along with recei

Lemur [1.5K]

Answer and Explanation:

The Journal entry is shown below:-

September 9

Petty cash fund Dr, $400

To Cash $400

(Being establishment of petty cash fund is recorded)

Here we debited the petty cash fund as assets is increasing while we credited the cash is decreasing.

September 30

Merchandise Inventory Dr, $51

Postage expense Dr, $73

Cash Short and over Dr, $13

Miscellaneous Dr, $141

To Petty Cash $278

(Being reimburse of petty cash find is recorded)

Here we debited the merchandise Inventory, postage expense, cash short and over and miscellaneous as it is expenses while we credited the petty cash as is reimbursed.

October 1

Petty cash fund Dr, $60

($460 - $400)

To Cash $60

(Being increase in petty cash fund is recorded)

Here we debited the petty cash fund as assets is increasing while we credited the cash is decreasing.

6 0

3 years ago

A store manager must decide how many rug cleaners to rent to customers. The manager estimates that the first would yield $200 a

Harrizon [31]

Answer:

The store manager must decide to buy 3

Explanation:

Given that:

The first: $200 a year
The second $150
The third $75,
The fourth $50
Interest rate is 12 percent
Investment: $500

As we know that the rate of return will be: Income / Investment

So the rate of return of:

The first: $200 / $500 = 0.4 = 40%
The second $150 / $500 = 0,3 = 30%
The third $75 / $500 = 0.15 = 15%
The fourth $50 / $500 = 0.1 = 10%

Only three rug cleaners have the rate of return greater than the interest rate so the store manager must decide to buy 3

5 0

3 years ago

Consider the market for pens. Suppose that increased medical concerns over lead pencils have led schools to steer away from penc

LiRa [457]

Answer: False

Explanation:
Being able to determine the effect on price would have to be circumstantial

4 0

3 years ago

Gundy Company expects to produce 1,213,200 units of Product XX in 2020. Monthly production is expected to range from 80,000 to 1

fiasKO [112]

Answer:

Gundy Company

Flexible Budget Report for March 2020:

Actual Budget Flexible Budget Variance

Direct materials $515,000 $485,000 $30,000 U

Direct labor 670,000 679,000 9,000 F

Variable overhead 1,073,000 1,067,000 6,000 U

Actual fixed costs 679,000 679,000 0 None

Total costs incurred $2,937,000 $2,910,000 $27,000 U

Explanation:

a) Data and Calculations:

Expected production of Product XX in 2020 = 1,213,200 units

Monthly production range = 80,000 to 114,000 units

Budgeted variable manufacturing costs per unit are:

Direct materials $5

Direct labor $7

Overhead $11

Total variable $23

Fixed manufacturing costs per unit:

Depreciation are $6

Supervision are $1

Total fixed costs $7

Total costs = $30

March 2020 costs incurred for 97,000 units:

Direct materials $515,000

Direct labor $670,000

Variable overhead $1,073,000

Actual fixed costs 679,000

Total costs incurred $2,937,000

Flexible Budget Report for March 2020:

Actual Budget Flexible Budget Variance

Direct materials $515,000 $485,000 $30,000 U

Direct labor 670,000 679,000 9,000 F

Variable overhead 1,073,000 1,067,000 6,000 U

Actual fixed costs 679,000 679,000 0 None

Total costs incurred $2,937,000 $2,910,000 $27,000 U

4 0

3 years ago

In order for a new grocery store to be erected, a neighborhood basketball court located on the building site will have to be dem

Tom [10]

Answer: They could be considered as external stakeholders

Explanation: A stake holder, is some one or a group of people who have something, they stand to gain or loose from the existence or activities of a company or establishment, it is apparent here that the actions of the new grocery store will affect the children that play basketball on the court.

4 0

3 years ago