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larisa86 [58]
3 years ago
9

Havermill Co. establishes a $250 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei

pts on that date represent $73 for Office Supplies, $137 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $18. On October 1, the accountant determines that the fund should be increased by $50. The journal entry to record the establishment of the fund on September 1 is
Business
1 answer:
Juli2301 [7.4K]3 years ago
3 0

Answer:

<h2>The journal entry is shown below:</h2>

Explanation:

The journal entry for recording the establishment of the fund is as:

On September 1

Petty cash A/c.....................Dr   $250

       Cash A/c...........................Cr   $250

Being recording the petty cash in the books

As creating the fund for the petty cash in the books, the account of petty cash is debited as there is increase in the assets which is debited. And the petty cash is created against cash. Therefore, the cash account is credited.

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Each sole proprietor that applies for initial registration in a State as either a broker-dealer or investment adviser must file:
Nimfa-mama [501]

Answer: True

Explanation:

The statement of financial condition includes assets, liabilities and equity of the sole proprietor.

I hope my answer helps you.

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3 years ago
The merger between two general merchandise stores Sears and K-Mart who each carried some specialty items will most likely produc
irina1246 [14]

Answer:

B. Both economies of scope and economies of scale.

Explanation:

In microeconomics, economies of scale are the cost favorable circumstances that undertakings acquire because of their scale of activity, with cost per unit of yield diminishing with expanding scale.  

Economies of scope are "efficiencies framed by assortment, not volume". In economics, "economies" is equivalent word to cost sparing and "scope" is synonymous with widening generation/benefits through differentiated items.

4 0
3 years ago
Because of the housing bubble, many houses are now selling for much less than their selling prices just two to three years ago.
Vsevolod [243]
Selling for much less than their selling prices just two to three years ago.
8 0
3 years ago
On January 1, Year 7, Colorado Corp. purchased a machine having an estimated useful life of 8 years and no salvage value. The ma
shepuryov [24]

Answer:

D) $0

Explanation:

The depreciation method changed, but the previous depreciation expense has already been recorded and subject to taxes. Therefore the new straight line depreciation should start with the remaining asset value and calculate the depreciation expense for the remaining 6 years:

For example, if the purchase value was $1,200,000 (= $300,000 x 4), the remaining value would be $675,000 then the depreciation expense will be $112,500 per year during the next 6 years starting on year 9.

5 0
2 years ago
Van Den Borsh Corp. has annual sales of $68,735,000, an average inventory level of $15,012,000, and average accounts receivable
Romashka-Z-Leto [24]

Answer:

The answer is d. -32 days.

Explanation:

<u>*The before change cash conversion cycle</u> = Days of inventory outstanding + Days of receivables outstanding - Days of payable outstanding.

in which:

Days of inventory outstanding = Average inventory / Cost of good sold x 365 = ( 15,012,000 / ( 68,735,000 x 0.85) ) x 365 = 94 days

Days of receivables outstanding = Average Receivables / Revenue x 365 = ( 10,008,000 / 68,735,000 x 365 = 53 days

Days of payable = 30 days

=> Before change cash conversion cycle = 117 days.

* <u>The after-change cash conversion cycle</u> is calculated with the same formula, however with estimated changes be applied in the formula as followed:

Days of inventory outstanding = Average inventory / Cost of good sold x 365 = ( (15,012,000 - 1,946,000) / ( 68,735,000 x 0.85) ) x 365 = 82 days

Days of receivables outstanding = Average Receivables / Revenue x 365 = ( (10,008,000 - 1,946,000) / 68,735,000 x 365 = 43 days

Days of payable = 40 days

=> After-change cash conversion cycle = 82 + 43 - 40 = 85 days

<u>=> Net change is 85 - 117 = -32 days</u>

6 0
2 years ago
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