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3 years ago

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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Outose Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation of the produ

True [87]

Answer:

C) $25,177

Explanation:

Spoiled units = (22,300 units + 76,400) - (72,900 units + 19,000)

=$98,700units -$91,900 units

= 6800 units

Normal spoilage = 5% × 72,900 units

= 3,645 spoiled units

Abnormal spoilage = 6800 units - 3645 units

= 3,155 units

Direct Materials ,Conversion Costs

WIP, beginning inventory$156,000$77,200

Costs added

during period 224,400 299,000

Total cost to account for 380,400 376,200

Divide by equivalent units*98,700 91,100

Equivalent-unit costs $3.85 $4.13

Equivalent unit

Direct Materials: 22,300 + 76,400 = 98,700 units

Conversion Costs: 72,900 + (19,000 x 60%) + 6800 = 91,100 units

Total cost per equivalent unit = $3.85 + $4.13 = $7.98

3155 units × $7.98 = $25,177

Therefore the cost allocated to abnormal spoilage using the weighted-average process-costing method will be $25,177

4 0

3 years ago

Ethan is planning for his retirement. He has narrowed it down to two investment options. The first is an ira where monthly payme

vlada-n [284]

Answer:

IRA; $3,552.72

Explanation:

3 0

2 years ago

Union Local School District has bonds outstanding with a coupon rate of 3.4 percent paid semiannually and 19 years to maturity.

Talja [164]

Answer:

PV = $4,863.24

Explanation:

Computation of the given data are as follows:

Face value = $5,000

YTM = 3.6%

YTM (Semiannual) (Rate) = 3.6% ÷ 2 = 1.8%

Coupon rate = 3.4%

Coupon rate semiannual = 3.4% ÷ 2 = 1.7%

Coupon payment ( Pmt) = 1.7% × $5,000 = $85

Time period (semiannual) (Nper) = 19 × 2 = 38

By putting the value in the financial calculator, we will get the present value.

Attachment is attached below.

PV = $4,863.24

8 0

3 years ago

The setup time for a batch of 250 products is 30 minutes while the production time is 5 minutes for each product. If the batch s

kramer

Answer:

d. Decrease by 0.045 minutes

Explanation:

<u>First Case</u>

Time per unit for 250 batch size = (30 / 250) + 5 minutes

Time per unit for 250 batch size = 5.12 minutes

<u>Second case</u>

Time per unit for 250 batch size = (30 / 400) + 5 minutes

Time per unit for 250 batch size = 5.075 minutes

The decrease in manufacturing time = Old-time - New time = 5.12 - 5.075 = 0.045 minutes . So, it Decrease by 0.045 minutes

7 0

3 years ago

Quantitative Problem 2: Carlysle Corporation has perpetual preferred stock outstanding that pays a constant annual dividend of $

sergij07 [2.7K]

Answer:

$27.14

Explanation:

Calculation for the price of the firm's perpetual preferred stock

Using this formula

Price of the firm perpetual preferred stock = Annual dividend / Required return

Where,

Annual dividend =$1.90

Required return=7% or 0.07

Let plug in the formula

Price of the firm perpetual preferred stock = $1.90 / 0.07

Price of the firm perpetual preferred stock=$27.14

Therefore the Price of the firm perpetual preferred stock will be $27.14

4 0

2 years ago