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kipiarov [429]
3 years ago
11

Clooney Corp. establishes a petty cash fund for $200 and issues a credit card to its office manager. By the end of the month, em

ployees made one expenditure from the petty cash fund (entertainment, $25) and three expenditures with the credit card (postage, $44; delivery, $69; supplies expense, $34). Separately record employee credit card expenditures and employee petty cash expenditures. The credit card balance will be paid later
Business
1 answer:
Darya [45]3 years ago
4 0

Answer:

Clooney Corp.

Petty Cash Journal Entry

<em>Sr. No                     Particulars             Debit           Credit</em>

1                    Petty Cash                      $200

                             Cash                                            $200

Establishing Petty Cash

2.   (Employee Name;s ) Entertainment Expenses    $25 Dr

                     Petty Cash                                        $ 25 Cr

Recording employee petty cash expenditures

Credit Card Expenditures Entries

1.                            Postage,                  $44;  Dr

                            Delivery,                     $69; Dr

                            Supplies expense,     $34 Dr

                           Credit Card Payable                 147 Cr

Credit Card Payable is a liability and appears in the balance sheet . It has to be paid in the future.

2.                    Credit Card Payable           147 Dr.

                          Cash                                                  147 Cr

When the liability is paid this entry is made.

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If the monthly sales volume required to break even is $190,000 and monthly fixed costs are $55,900, the contribution margin rati
Vladimir79 [104]

Answer:

a. 29%

Explanation:

Given that

Contribution margin = $55,900

Sales = $190,000

The computation of contribution margin ratio is shown below:-

Contribution margin ratio = Contribution margin ÷ Sales

= $55,900 ÷ $190,000

= 29%    

Therefore for computing the contribution margin ratio we simply divide sales by contribution margin ratio.

6 0
2 years ago
A restaurant currently uses 62,500 boxes of napkins each year at a constant daily rate. The cost to order napkins is $200.00 per
ahrayia [7]

Answer:

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Explanation:

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3 0
2 years ago
Jarrett Baker is the founder of an enterprise software company located in Chevy Chase, Maryland. By looking at the income statem
Westkost [7]

Answer and Explanation:

In this particular case, the working capital continues to fall and hits a value below zero otherwise the business would have a negative cash flow.

Company's assets are below its liabilities which including its current working capital would not be able to manage its debts. The Company would be faced with extreme difficulty in paying back its creditors.

If, as in the case at hand , the company continues to operate in low working capital and work capital declines over time, the company can encounter extremely serious financial problems.

Following Effects may include declining revenue from purchases, non-inventory management, or issues with the specific total accounts receivable.

3 0
3 years ago
Suppose Marco is willing to tutor for $15 an hour. On Tuesday, he will tutor Kelly for 1 hour and Mike for 3 hours. Kelly will p
grandymaker [24]

Answer:

Total producer surplus= $30

Explanation:

Producer surplus is the difference between the price a seller is willing to sell and the market price or actual price at which the item is bought. The producer surplus is the additional benefit the seller gets from a sale.

Consumer surplus= Market price - Price seller is willing to sell for

Marco is willing to sell at $15 hour

Kelly is willing to pay $30 per hour

Mike is willing to pay $20 per hour

Surplus from Kelly= 30- 15= $15

Surplus from Mike= 20- 15= $5

Total producer surplus= ($15*1 hour) + ($5 *3 hours)

Total producer surplus= 15 + 15= $30

3 0
2 years ago
Your landscaping company can lease a truck for $7,800 a year (paid at year-end) for 6 years. It can instead buy the truck for $3
Alexandra [31]

Question:

Graded assignment(towards 15% Hw grade) Saved Help Save& Exit Submit Check my work Your landscaping company can lease a truck for $7,800 a year (paid at year-end) for 6 years. It can instead buy the truck for $38,000. The truck will be valueless after 6 years. The interest rate your company can earn on its funds is 7%. 10 points

What is the present value of the cost of leasing?

Answer:

Cost of lease = $37,179.01

Explanation:

Leasing is a finance arrangement where one party (the lessor) transfers the right to use an asset to another party (the leasse) in exchange for a rent.

The cost of a lease to the leasee is the present value of the future lease payment  discounted at the cost of capital.

So using the present value of annuity formula, we can work out the cost of the lease arrangement as follow:

PV =A×  (1- 1+r)^(-n)/r

PV- Present Value

r- interest rate

n- number of years

A- annual lease payment

PV -

A-7,800

r-7%

n-6

PV = 7,800× (1- (1.07)^(-6)/0.07 =  37,179.01  

Present Value = $37,179.01

Cost of lease = $37,179.01

5 0
3 years ago
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