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olga55 [171]
3 years ago
8

1. Brooks Agency set up a petty cash fund for $150. At the end of the current period, the fund contained $28 and had the followi

ng receipts: entertainment, $70; postage, $30; and printing, $22.Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period.
Business
1 answer:
Iteru [2.4K]3 years ago
6 0

Explanation:

The journal entries are as follows:

1. Petty cash A/c Dr $150

              To Cash A/c $150

(Being the establishment of petty cash is recorded)

2.

Entertainment expenses A/c Dr $70

Postage expense A/c Dr $30

Printing A/c Dr $22

                    To Petty cash A/c $122

(Being the reimbursement of petty cash fund is recorded)

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Use the following information for Shafer Company to compute inventory turnover for year 2.
lidiya [134]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

Year 2 Year 1

Net sales $651,500 $583,700

Cost of goods sold 389,300 360,920

Ending inventory 78,500 80,180

To calculate the inventory turnover, we need to use the following formula:

Inventory turnover= Cost of goods sold/ average inventory

Average inventory= (beginning inventory + ending inventory) / 2

Average inventory= 158,680/2= 79,340

Inventory turnover= 389,300/79,340

Inventory turnover= 4.91

7 0
3 years ago
40 pts
Ilia_Sergeevich [38]
HEY THERE!!


QUESTION:- If the country was experiencing high inflation, the Federal Reserve could _____________________ to help slow down the growth & make the economy stable.

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6 0
3 years ago
Read 2 more answers
Sheffield’s Manufacturing Company can make 100 units of a necessary component part with the following costs: Direct Materials $1
larisa [96]

Answer:

Company Save  $37000 by Buying

Explanation:

given data

make component part = 100 units

Direct Materials = $122000

Direct Labor = 34000

Variable Overhead = 55000

Fixed Overhead = 30000

purchase the component = $200000

fixed costs = $4000

to find out

make or buy decision

solution

first we find here Total Cost for Making component part

total cost = Direct Materials + Direct Labor + Variable Overhead + Fixed Overhead ..............1

put here value

total cost for make =  $122000 + 34000  + 55000 + 30000

total cost for make = $241000

and

now we find here Total Cost for buying component part

total cost = Purchase Price + fixed costs   ............2

put here value we get

total cost for buying = $200000 +  $4000

total cost for buying  = $204000

so

we can say Company Save =  $241000 -  $204000   = $37000 by Buying

5 0
3 years ago
The Coase Theorem states that
choli [55]

Answer:B. if transaction costs are​ low, private bargaining will result in an efficient solution to the problem of externalities.

Explanation:

The coarse theorem:

If there is a conflict between parties this will lead to an effecient results irrespective of who won the right to the property as long as the transaction cost related to the price negotiation is insignificant.

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3 years ago
The sarbanes-oxley act created the _____ to protect the interests of investors and further the public interest in the preparatio
devlian [24]

The correct answer is the Public Company Accounting Oversity Board.

The Sarbanes-Oxley Act was enacted in 2002. It’s purpose was to protect investors and add additional oversight for corporations after a number of companies were caught up in accounting scandals and investors lost billions of dollars.

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