Answer:
the journal entry to record petty cash expenses should be:
Dr Delivery expenses 100
Dr Postage expenses 40
Dr Office supplies expenses 35
Cr Cash 175
Explanation:
When money is missing in a petty cash fund, e.g. imagine it was $2 short, you can use the cash short and over account which is used to balance minor differences.
Answer:
The correct order of the steps is: 2. / 4. / 1. / 3.
Explanation:
The correct order of the steps is:
Summarize the physical flow of units and calculate equivalent units.
Summarize the costs to be accounted for.
Assign costs to completed units transferred out and units remaining in WIP Inventory.
Answer:
The answer is $18,870 .
Explanation:
In this question, the net realizable value of account receivables will be determined by the total credit sales during the year, cash collection from account receivable; the estimated uncollectible amount from credit sales.
We have Net Realizable value of account receivables = Total credit sales during the year 2016 - total cash collection - Estimated uncollectible amount(*) = $93,000 - $73,200 - $93,000 x 1%(*) = $18,870.
(*) Estimated uncollectible amount is $930 and is recorded in Allowance for doubtful debt account which is a contra account for Account Receivables. Thus, when deciding net realizable value of account receivables, the effect of this contra account should be taken into consideration.
Answer:
Decline percentage = 64.29%
Explanation:
First find the margin call price = Initial price x (1 - initial margin) / (1-maintenance margin)
Margin call price = 68 x ( 1- 75%) / (1 - 30%)
Margin call price = $24.29
The margin call that the investor will have if the price fall to $24.29.
Now find the percentage decline:
Percentage decline = (68 - 24.29) / 68
Percentage decline = 0.6429
Thus decline percentage = 64.29%
The answer would be 71% !
hope this helps !