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Katen [24]
3 years ago
14

A company set up a petty cash fund with $800. The disbursements are as follows:

Business
1 answer:
Aleonysh [2.5K]3 years ago
7 0

Answer: 1. B. Petty Cash

2. D. Petty Cash

3. D. Debit petty cash and credit cash

Explanation:

1. When creating the Petty Cash fund, Cash is credited because money is being removed from it. It is then put into the Petty Cash account hence a debit.

2. When taking money from Petty Cash, it is an asset and so is credited to reflect the outflow.

3. Similar to the transaction in question 1. You are taking money from cash account to.put in Petty Cash so the right procedure is to debit Petty Cash and credit Cash.

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LO 8.5When might an unfavorable variance be a good outcome?
ivolga24 [154]

Answer: An unfavorable variance can be used to detect a drop in estimated income early, and then solutions to the challenge can be identified.

Explanation:

An unfavorable variance is the difference between a company's projected expectation and the actual outcome of a financial activity of the company, where the actual outcome is less favorable than the projected expectation.

The information from an unfavorable variance can help alert a company to a negative outcome early, and the company's leadership can then find ways of solving the cause of the negative outcome.

7 0
3 years ago
If a special sales order is accepted for​ 8,100 widgets at a price of​ $39 per​ unit, and fixed costs increase by​ $13,000, how
Lana71 [14]

Answer:

D) Increase by $68,000

Explanation:

The computation of change in the operating income is shown below:

Sales ( 8,100 widgets × $39) $315,900

Less: Variable cost (8,100 widgets × $29) ($234,900)  

Contribution margin $81,000

Less: Increase in fixed assets -$13,000

Net income increased              $68,000

We simply applying the above format so that the change in the operating income could be find out. Since the net income is in positive so it shows an increment

8 0
3 years ago
In a small, closed economy, national income (GDP) is $ 500.00 million for the current month. Individuals have spent $ 300.00 mil
alexdok [17]

Answer:

The total investment in the economy is $50 million

Explanation:

The following equation is used to calculate the GDP: GDP = C + I + G + (X – M) or GDP = private consumption + gross investment + government investment + government spending + (exports – imports)

Using this formula we can determine the amount of investment.

Investment = 500 (GDP) - 300 (private consumption) - 150 (government spending) = $50.

4 0
3 years ago
Scenario: Money Creation The reserve requirement is 20%. Leroy receives $1,000 as a graduation present and deposits the money in
disa [49]
Your answer to this question is increased by $1000
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2 years ago
Budgeted performance is a better criterion than past performance for judging​ managers." do you​ agree? why?
eimsori [14]
Not really, the budgeted performance is like an expectation of a work, which is still uncertain until the result comes, in other words, an opinion on a work; while the past performance was the fact, which came from the employee's work in the past few months. To judge the fact is better than an uncertain picture.
3 0
3 years ago
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