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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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The Hawthorne studies began as the type of experiment recommended by Scientific Management. Researchers were trying to find the
3241004551 [841]

Answer:

George Elton Mayo

Explanation:

Based on the scenario being described within the question it can be said that the individual being mentioned is George Elton Mayo. Mayo was an Australian Psychologist who was born on December 26, 1880. Mayo greatly contributed to the creation of the management theory which helped establish modern human relations management methods as well as creating the frame and focus on social dynamics.

5 0
3 years ago
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Corporate-level strategies are strategies a firm uses to diversify its operations from a single business competing in a single m
andrew-mc [135]

Answer:

a. False

Explanation:

Corporate level strategies are undertaken by the top management formulating strategic business policies with a purpose of achievement of long term goals and objectives.

Such policies affect the organization as a whole. The purpose of corporate level strategies is to maximize profits over a period and ensure success.

Diversification strategy is aimed at adding operations to pre existing line of operations into different category of products and markets and explore new business ventures.

Hence, corporate level strategies are not limited to diversification strategy as the concept of corporate level strategy is much broader.

7 0
3 years ago
Someone in an organization recognizes a need. What should be the next step
Oxana [17]

Answer:D.

Someone is given responsibility for deciding how to meet the need.

Explanation:

8 0
3 years ago
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At the beginning of the current year, trenton company inc.'s total assets were $248,000 and its total liabilities were $175,000.
anygoal [31]

The debt ratio is calculated by dividing the Total Liabilities by Total Assets. We are asked to calculate the debt ratio at the end of the year, hence we need to take year-end values for Total Liabilities and Total Assets.

We are given the Total Liabilities at the beginning of the year $175,000 and there is no change in the liabilities given, hence we can say that Total liabilities at the end of the year shall remain same = $175,000

We are given Total Assets at the end of the year are $260,000


Debt ratio = Total Liabilities / Total Assets = 175000/260000 = 0.673


Hence debt ratio at the end of the current year shall be <u>0.673</u>




8 0
3 years ago
Murray Exports (U.S.) exports heavy crane equipment to several Chinese dock facilities. Sales are currently 10,000 units per yea
dalvyx [7]

Answer:

Murray Exports (U.S.)

A. The short-run impact of each pricing strategy is as follows:

                                            Alternative 1                    Alternative 2

                              Reduce Price to $21,867    Maintain Price at $24,000

Gross profit                         $38,670,000               $54,000,000

Reduction in Gross Profit   $21,330,000                 $6,000,000

B.  (2) maintain the same dollar price of $24,000, raise the yuan price in China to Yuan 216,000 per unit to offset the devaluation, and experience a 10% drop in sales unit volume.  

 

Explanation:

a) Data and Calculations:

Current exchange rate = Yuan 8.20/US$

Current exports of heavy crane equipment per year to China = 10,000

US unit price of printer in dollars = $24,000

Chinese unit price of crane equipment in Yuan equivalent = Yuan 196,800 ($24,000 * Yuan 8.20)

Unit price of crane equipment in Chinese Yuan when the currency is devalued = Yuan 216,000 ($24,000 * Yuan 9.00)

The reduced dollar price with devaluation, when Yuan price is maintained = $21,867 (Yuan 196,800/9.00)

Before Devaluation of Chinese Yuan:

Sales volume            10,000

Sales revenue $240,000,000 (10,000 * $24,000)

Direct costs        180,000,000 (10,000 * $18,000) (75% of $24,000)

Gross profit       $60,000,000

                             Alternative 1                         Alternative 2

                       Reduce Price to $21,867    Maintain Price at $24,000

Sales volume                10,000 units             9,000 (10,000 * 90%) units

Sales revenue      $218,670,000             $216,000,000 ($24,000 * 9,000)

Direct costs            180,000,000               162,000,000 ($18,000 * 9,000)

Gross profit           $38,670,000               $54,000,000 ($6,000 * 9,000)

Direct costs = $180m ($18,000 * 10,000)  = $162m ($18,000 * 9,000)

3 0
3 years ago
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