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Paraphin [41]
3 years ago
11

On April 2, Granger Sales decides to establish a $290 petty cash fund to relieve the burden on Accounting.

Business
1 answer:
aliya0001 [1]3 years ago
5 0

Answer and Explanation:

The journal entries are shown below:

On Apr 2

Petty cash $290

           To Cash  $290

(Being the establishment of the petty cash fund is recorded)

For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets

On Apr 10

Mail & Postage $62

Contributions and Donations $33

Meals & entertainment $114

Cash Short and Over $4     ($290 - $62 - $33 - $114 - $77)

                       To Cash  $213

(Being the replenishment of the fund is recorded)

For recording this,  we debited the mail & postage, contributions & donations, meals & entertainment as it increased the expenses and credited the cash as it reduced the assets and the balancing figure is debited to cash short and over

On Apr 11

Petty Cash $140    ($430 - $290)

         To Cash  $75

For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets

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Depreciation expense is added back to net income when preparing the cash flow from operating activities section because deprecia
luda_lava [24]

Answer:

Depreciation expense is added back to net income when preparing the cash flow from operating activities section because depreciation represents a non cash reduction to net income. Depreciation is a non cash reduction because it notes down the the reduction in the value of an asset due to use as an expense and because the company isn't making any cash transactions due to depreciation of assets therefore it is a non cash expense and this is why it is added back to net income when preparing cash flow from operating activities.

Explanation:

4 0
3 years ago
Godart Co. issued $4.5mn notes payable as a scrip dividend that matured in five years. At maturity, each shareholder of Godart's
Ghella [55]

Answer:

$6,750,000

Explanation:

Since it is stated in the question that the 3mn shares will be paid the principal and interest at maturity, and it is not stated the note is compounded, we apply the following simple calculation:

Amount to pay = $4,500,000 + [($4,500,000 × 10%) × 5 years]

                         = $4,500,000 + [$450,000 × 5 years]

                         = $4,500,000 + 2,250,000

Amount to pay = $6,750,000

Therefore, the amount should be paid to the stockholders at the end of the fifth year is $6,750,000.

4 0
3 years ago
In the early days of the game industry, nearly all games were developed by designers, for designers. More specifically, what age
suter [353]

Based on historical perspective, the age range of the early game designers is between <u>40 to 60years old.</u><u> </u>Also, the gender for which the games were being designed is <u>male</u>.

<h3>History of Game Designs.</h3>

The history of game designs can be traced to William Higinbotham, a Physicist who created the first video game in 1958 at the age of 48 years.

William Higinbotham created the first video game during the Brookhaven annual visitors day to lighten the exhibition show.

The video game he created was tennis, known as "Tennis for Two," and the men in attendance played it.

Hence, in this case, it is concluded that the game designers were <u>men</u>, and they are in the age range of <u>40 to 60 years</u>.

Learn more about the video game industry here: brainly.com/question/14468591

6 0
2 years ago
Suppose that the bankruptcy law firm had previously loaned $20,000 to Henry Anderson. The law firm filed a financing statement s
pantera1 [17]

Answer: This loan would would have priority over the other unsecured claims in this bankruptcy case.

Explanation:

Since the trucks are secured collateral the loan is a secure loan. It will be the priority in the bankruptcy case since the other claims were unsecured. The law firm would have a right to the trucks since he owed them 20,000$ and put them up as collateral.

Everything that was an unsecured loan does not have anything to take from and will be a loss for the other companies who filed against Henry Anderson.

8 0
3 years ago
Explain what happens when markets do not have enough competition.
MatroZZZ [7]

Answer:

The price will be higher and output lower in absence of competition.

Explanation:

When the market does not have enough competition, it provides a certain degree of market power to the existing producers. They are able to regulate prices and output.  

It is likely that the suppliers will provide a fewer quantities of goods at a higher price, in order to maximize their profits. The socially optimal level of output will not be produced in the market.  

The resources will not be efficiently allocated and deadweight loss will exist.

3 0
3 years ago
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