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Alika [10]
3 years ago
14

XYZ Co. decided to create a petty cash fund. They estimated that $100 would be needed in the fund. Demonstrate the correct journ

al entry to create the account by choosing the correct action from those below. Petty Cash is credited for $100. Miscellaneous Expense is debited for $100. Cash is debited for $100. Petty Cash is debited for $100.
Business
1 answer:
ra1l [238]3 years ago
4 0

Answer:

Petty cash is debited for $100

Explanation:

Petty cash is a small amount of fund which is kept in the business for day to day expenses. Cash is issued from this fund for daily small expense which is not appropriate to withdraw from the bank by check.

Journal Entry will be as follow

Dr. Petty cash $100

Cr. Cash          $100

Cash is transferred from cash account to petty cash account, both of these are asst account and have a debit balance. Tot increase the petty cash account balance it is debited and to decrease the cash account balance it is credited.

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Fabtabtix, a designer clothing brand, has been selling clothes in the country of Grolania for over 30 years. With more number of
user100 [1]

Answer:

The correct answer is (b)

Explanation:

Socioeconomic cultural is one of the important factors that can help a business to grow and expand. Changes in socioeconomic environment can positively and negatively affects the sales. In this case of Fabtabix, the socioeconomic change has positively affected their business that is why it is growing over the past few years. Fashion conscious is a sociocultural component.

6 0
3 years ago
XYZ Corp. has filled 100,000 purchase orders during its existence. 1,100 of the purchase orders have had errors. Using an empiri
cluponka [151]

Answer:

1.1%

Explanation:

Calculation to determine what the probability of the next purchase order having an error is using

an empirical probability

Using this formula

Probability=Purchase orders errors/Purchase orders filled

Let plug in the formula

Probability=1100/100000

Probability=0.011*100

Probability=1.1%

Therefore using an empirical probability the probability of the next purchase order having an error is 1.1%

5 0
3 years ago
Rhett made his annual gambling trip to Uwin Casino. On this trip Rhett won $250 at the slots and $1,200 at poker. Also this year
timurjin [86]

Answer:

$1,450

Explanation:

Rhett made his annual gambling trip to Uwin Casino. On this trip Rhett won $250 at the slots and $1,200 at poker.

Also this year, Rhett made several trips to the racetrack, but he lost $700 on his various wagers.

The amount must Rhett include in his gross income includes that on this trip Rhett won $250 at the slots and $1,200 at poker which is $1,450

The internal Revenue Service requires that <u>''You must report all gambling winnings as "Other Income".</u> When you have gambling winnings, you may be required to pay an estimated tax on that additional income.

6 0
4 years ago
The Celler-Kefauver Antimerger Act of 1950:________.
UkoKoshka [18]

Answer:

b. banned anticompetitive mergers that occurred as a result of one company acquiring the physical assets of another company.

Explanation:

  • The Sailor-Kefauver Act was a United States federal law passed in 1950 that amended and strengthened the Clayton Antitrust Act of 1914, which amended the Sherman Antitrust Act of 1890.
  • The Sailor-Kefauver Act was passed to eliminate a loophole to link firms to the acquisition and acquisition of assets that are not direct competitors.
  • The Clayton Act prohibited stock purchase mergers, the competition was reduced, and smarter traders were able to find ways to buy competitive property around the Clayton Act. Under the Sailor-Kefauver Act, asset acquisition competition decreases, and that practice is banned.
5 0
4 years ago
You decide you want to be a millionaire. You deposit $50,000 in an investment account that earns 9% per year. The money in the a
romanna [79]

Answer: 35 years

Explanation:

A=P(1+\frac{r}{n})^{nt}

Where,

A - the ending amount,

P - the beginning amount (or "principal")

r - the interest rate (expressed as a decimal)

n - the number of compounding a year

t - the total number of years

n=1, t=?, P = $50,000, r=0.09, A= $1,000,000

Therefore,

1,000,000=50,000(1+\frac{0.09}{1})^{t}

1,000,000=50,000(1.09)^{t}

20=(1.09)^{t}

Taking log on both sides

log(20) = t log(1.09)

1.30103 = 0.0374264979 t

t = 34.7622

So answer is 35 years.

3 0
3 years ago
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