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3 years ago

During October, Carla Vista Company experiences the following transactions in establishing a petty cash fund.

Business

1 answer:

ahrayia [7]3 years ago

7 0

Answer:

October 1

Dr. Petty Cash $146

Cr. Cash $146

October 31

Dr. Supplies $24.77

Dr. Miscellaneous items $15.07

Dr. Postage $38.37

Dr. Freight-Out $5.47

Dr. Cash Shortage $1.29

Cr. Cash (146-59-2.03) $84.97

Tot reimburse Petty cash Expense

Dr. Petty Cash $50

Cr. Cash at bank $50

(196-146 = 50)

Explanation:

A petty cash is a small amount of money disbursed by an organisation for expenditures. This expenditures are usually day to day expenses such as postages, stationaries, office supplies and so on. From time to time, there may be cash shortages or the cash may be over for various reasons.

Supplies, Miscellaneous items, Postage, and Freight are all expenses account due to their debit nature it is debited to record all these expenses and Cash net of petty cash balance and actual cash available is credited to decrease the balance of the cash used for expenses. Ne of these entries is cash excess or shortage.

Cash issued for petty cash is recorded as debit in petty cash account and credit the cash at bank to record the effect of this transfer.

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A retail store had sales of $46,000 in April and $55,800 in May. The store employs eight full-time workers who work a 40-hour we

Rudiy27

Answer:

The percentage change in productivity (dollars output per labor hour) from April to May is 10.37%.

Explanation:

This can be calculated using the following 3 steps:

Step 1. Calculation of productivity in April

Sales in April = $46,000

Total full-time hours worked in April = 40 * 8 * 4 = 1,280

Total part-time hours worked in April = 9 * 6 * 4 = 216

Total hours worked in April = Total full-time hours worked in April + Total part-time hours worked in April = 1,496

Productivity in April = Sales in April / Total hours worked in April = $46,000 / 1,496 = $30.75 per hour

Step 2. Calculation of productivity in May

Sales in May = $55,800

Total full-time hours worked in May = 40 * 8 * 4 = 1,280

Total part-time hours worked in May = 13 * 7 * 4 = 364

Total hours worked in May = Total full-time hours worked in May + Total part-time hours worked in May = 1,644

Productivity in May = Sales in May / Total hours worked in May = $55,800 / 1,644 = $33.94 per hour

Step 3. Calculation of percentage change in productivity (dollars output per labor hour) from April to May

Percentage change in productivity = ((Productivity in May - Productivity in April) / Productivity in May) * 100 = (($33.94 - $30.75) / $30.75) * 100 = 10.37%

Therefore, the percentage change in productivity (dollars output per labor hour) from April to May is 10.37%.

4 0

3 years ago

The ledger of Beckett Rental Agency on March 31 of the current year includes the selected accounts below before adjusting entrie

Anastaziya [24]

Explanation:

The adjusting journal entries are shown below:

1. Depreciation Expense A/c Dr $ 840 ($280 × 3 months for one quarter)

To Accumulated Depreciation - Equipment A/c $840

(Being depreciation expense is recorded)

2. Unearned Rent Revenue A/c Dr $6,200 ($12,400 ÷ 2)

To Rent Revenue A/c. $6,200

(Being half rent revenue earned is recorded)

3. Interest Expense A/c Dr $400

To Accrued Interest A/c $400

(Being accrued interest is recorded)

4. Supplies Expense A/c $2,150

To Supplies A/c $2,150

(Being the supplies expense is recorded)

The supplies expense is computed below

= Supplies balance - supplies on hand

= $3,000 - $850

= $2,150

5. Insurance Expense A/c Dr $1,200 ($400 × 3 months in one quarter)

To Prepaid Insurance A/c $1,200

(Being the insurance expense is recorded)

8 0

3 years ago

Peace of mind provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after th

Svet_ta [14]

Answer:

a. Cash basis - Service revenue is $900

b. Accrual basis - Service revenue is $2,100 (which is $1200 + $900)

Explanation:

In accounting, there are 2 basis for recognizing transactions; these are cash basis and accrual basis.

In cash basis, sales and expenses are not recorded unless cash has been collected and paid respectively. In the accrual basis of accounting, expenses and sales are recorded when incurred and earned respectively.

Revenue earned under the accrual basis would therefore include the revenue for which cash has been collected and those for which cash is yet to be collected.

4 0

3 years ago

The person may not have made a wise choice initially; the chosen career may no longer exist; values and interests may have chang

boyakko [2]

Answer:

Changing Careers

Explanation:

My best guess would be that the reason their values and interests may have changed is either due to going back to school or changing careers. In both cases, your interests would of changed to fit what you chase but changing seems more plausible. Hope this helped and solved your question!

8 0

3 years ago

Read 2 more answers

One reason many companies do not organize themselves as an s corporation is that this form of business:

S_A_V [24]

Answer:

S type corporation is difficult to register as it has a particular eligibility restriction, which many businesses are unable to meet.

Explanation:

There are specific pre-requisites before a company may apply as an S corporation

It implies that corporation shareholders must be U.S. residents only who directly own the shares.
Maximum 100 shareholders can be part of S corporation.
The stock options are restricted to one class only.

The limited stock options, no foreign investment challenges and limitation of maximum shareholders create a barrier to open S type corporation. So the answer is S type corporation is difficult to register as it has a particular eligibility restriction, which many businesses are unable to meet.

7 0

4 years ago