Answer:
$84
Explanation:
Calculation for the amount of cash in the fund before the replenishment for Pelcher Co.
Petty Cash $400
Less : Office Supplies ($110)
Less: Merchandise Inventory ($140)
Less :Miscellaneous ($70)
Add Cash Overage $4
Cash in Fund $84
Therefore the amount of cash in the fund before the replenishment for Pelcher Co will be $84
Answer and Explanation:
a. The preparation of income statement is shown below:-
Income Statement
Service revenue $80,000
operating expenses
Salary expenses $28,000
Uncollectible accounts
expense $3,273
Total operating expense $31,273
Net income $48,727
Working Note :-
Days Amount Percentage Allowance balance
Current $16,800 0.01 $168
0-30 $5,100 0.05 $255
31-60 $4,000 0.10 $400
61-90 $2,000 0.30 $600
Over 90
days $3,700 0.50 $1,850
Total $31,600 $3,273
b. The computation of net realizable value of the accounts receivable is shown below:-
Net realizable value = Accounts receivable - Allowance for doubtful accounts
= ($80,000 - $48,400) - $3,273
= $31,600 - $3,273
= $28,327
Answer:
The correct answer is True.
Explanation:
A competitive market is one in which there are many buyers and many sellers, so each one has an insignificant influence on the market price. Each seller controls the price to a limited extent, as others offer similar products. You have few reasons to charge a lower price than the current one, and if you charge more, buyers will go to others. Also, no buyer can influence its price, since each one only buys a small amount.
Answer: $44,000
Explanation:
The following information can be gotten from the question:
Cash dividends declared for the year = $40,000
Cash dividends payable at the beginning of the year = $17,000
Cash dividends payable at the end of the year = $13,000
Therefore, the amount of cash paid for dividends was:
= $40,000 + $17,000 - $13,000
= $57,000 - $13,000
= $44,000
