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ankoles [38]
3 years ago
5

Havermill co. establishes a $470 petty cash fund on september 1. on september 30, the fund is replenished. the accumulated recei

pts on that date represent $95 for office supplies, $181 for merchandise inventory, and $44 for miscellaneous expenses. the fund has a balance of $150. on october 1, the accountant determines that the fund should be increased by $94. the journal entry to record the establishment of the fund on september 1 is:
Business
1 answer:
sammy [17]3 years ago
3 0

Answer:

The journal entry to record the establishment of the fund on september 1 is:

  1 September                Petty Cash        $ 470 Dr.

                                                  Cash                  $ 470 Cr.

   31st September               Office supplies, $95 Dr.

                                          Merchandise inventory, $ 181 Dr.

                                        Miscellaneous expenses $ 44 Dr.

                                                        Cash                                            $320 Cr.

To reimburse Petty Cash

The journal entry to reimburse and to increase the fund are same .

October 1                   Petty Cash       $ 94

                                            Cash                      $ 94

To increase the Petty Cash by $ 94

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Dvinal [7]

Answer and Explanation:

The journal entry is shown below:

Unearned revenue $4,770

      To fees earned $4,770

(Being the adjusting entry is passed)

The calculation is shown below:

= Received amount ÷ total months × calculated months

= $19,080 ÷ 36 months × 9 months

= $4,770

Hence, the above entry should be recorded and the same is to be considered

8 0
3 years ago
What educational background or training did rose lamont need?
rewona [7]
Rose Lamont needed an educational background involving arts and design. She also needs to attend training courses in design, marketing and advertising arts. Without the educational background and the additional training courses, and of course the talent should also be there. 
6 0
3 years ago
Read 2 more answers
Let’s suppose that a bank has $600 million in total deposits. This bank is subject to a 20% required reserve ratio and has $100
Ludmilka [50]

Answer

The answer and procedures of the exercise are attached in the image.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

3 0
3 years ago
PA12. <br> LO 5.4Complete this production cost report:
Lubov Fominskaja [6]

Using weighted average method

Statement of equivalent units

                                                   Material    Conversion

                                                    Units         Units

Units transferred out                   70,000       70,000

Add: Closing work-in-progress   <u> 25,000 </u>      <u> 6,250</u>

Average divisor                            <u> 95,000 </u>    <u>76,250</u>

                        Computation of cost per unit

                                                              Material   Conversion

                                                                   $               $

Cost of beginning work-in-progress   3,500      16,000

Cost added                                           <u> 25,000 </u>   <u>45,000</u>

Total cost                                               <u> 28,500 </u>   <u>61,000</u>

Material cost per unit = <u>$28,500</u>

                                         95,000 units

                                    = $0.30 per unit

Conversion cost per unit = <u>$61,000</u>

                                            76,250 units    

                                          = $0.80 per unit

 Value of units transferred out

  Material = 70,000 x $0.30  = $21,000

  Conversion = 70,000 x $0.80 = $56,000

  Value of closing work-in-progress

  Material = 25,000 x $0.30 = $7,500

  Conversion = 6,250 x $0.80 = $5,000

Explanation:

In this case, we will obtain the average divisor by adding the ending work-in-progress to the units transferred out. Then, we will determine the total cost of material and conversion ,which is the aggregate of cost of opening work-in -progress and cost added during the year. We also need to obtain the unit cost of material and conversion, which is total cost of material and conversion divided by the average divisor.  

Finally, we will value the units transferred out and ending work-in-progress at unit cost of material and conversion.                                                                                                                                                                              

8 0
3 years ago
Christine and Doug are married. In 2014, Christine earns a salary of $250,000 and Doug earns a salary of $50,000. They have no o
Rus_ich [418]

Answer:

A. $450

Explanation:

In 2014, the Medicare surtax for high-income taxpayers started when married couples filing jointly earned over $250,000. in this case, Christine and Doug made $300,000, so the surtax = ($300,000 - $250,000) x 0.9% = $450

The Medicare surtax income threshold has not been adjusted to inflation and remains at the same level for 2020.

Total medicare contributions for high income taxpayers = 1.45% + 0.9% = 2.35%

3 0
2 years ago
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