AB Ltd has a petty cash account that is set at $8,400. In month 1 the month end replenishment is for 20% of the fund. In month 2 themonth end replenishment is for 25% of the fund and in month 3 the fund size is increased by $3,800 and the replenishment is for 22%of the fund level.Required: How much is the highest monthly expense from replenishment? $ AB Ltd. established a petty cash fund for $1,610. It replenishes the fund at the end of each month when financials are prepared orsooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund sizeby 50%. At the time of this decision there are $715 in expense vouchers in the firm, so the firm replenishes and increases the fundsize in the same journal entry.Required: How much is the cheque written to complete this transaction? $

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume that the custodian of a $450 petty cash fund has $57.10 in coins and curency plus $387.00 in recipts at the end of the month. The entry to replenish the petty cash fund will include:?
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Need typed answer only.Please give answer within 45 minutes
A. What are the expected revenues for S2BU for each month, April through September? Revenues are recorded in the month of the occasion. B. What are the expected cash receipts for each month, April through July?
If Service World has $1,950 cash, $400 of government Treasury bills purchased last month with a six-week maturity, and $940 of cash set aside for legal reasons, how much will the company report on the balance sheet as “Cash and Cash Equivalents”?
20. Kiwi Company has an agreement with a major credit card company which calls for cash to be received ten days upon deposit of Kiwi customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Kiwi has $6,000 in credit card sales, show the journal entries to record the sales, and receipt of customer's payment.
Sparks Corporation has a cash balance of $24,100 on April 1. The company must maintain a minimum cash balance of $6,500. During April, expected cash receipts are $49,000. Cash disbursements during the month are expected to total $68,500. Ignoring interest payments, during April the company will need to borrow:
Bank Alfatih earned an annual profit amounting to USD1,500,000 through a Mudharaba Mutlaqah deposit account. The profit sharing ratio between the bank and the depositors of the Mudharaba deposit account is (40:60) respectively. The table below contains data on the deposit types that are available, average balance needed, and the weights that are used. Deposit Types Average balance Weights 1 month 300,000 0.5 3 months and less 400,000 0.8 6 months and less 600,000 1 12 months and less 800,000 1.25 Total 2,100,000 Calculate the total depositors’ share from the annual profit. Calculate the weighted average balance for each type of deposits.
Ohio University has a $150 change fund for each shift. The following is a summary of today’s register activity: The case drawer contains $725.95 cash, paid-out slips totaling $10.50 and a customer charge of $7.75. The register readings show sales of $590 and sales tax of $31. Determine the cash overage or shortage for the day.
Rapid Delivery Services cash count at the end of the day totals $12,580 and the cash registertape shows $12,415. The amount of the change fund is $250. Rapid Delivery Services wouldrecord the revenue for the day as follows: a. Cash 12,580 Income from Services 12,580 b. Cash 12,430 Cash Short and Over 15 Income from Services 12,415 c. Cash 12,415 Income from Services 12,415 d. Cash 12,415Cash Short and Over 15Income from Services 12,430
Given the following, complete the table Cash Receipts increase by 4% every month. A Cash Disbursements is 60% of the total monthly cash receipts and The minimum cash balance per month is P 60,000. Cash Budget Jan Feb Mar Apr May Jun Cash Receipts P 77,000.00 Less: Cash Disbursements Net Cash Flow P 34,800.00 Add: Beginning Cash Ending Cash Less: Minimum Cash Balance Required Total Financing / Excess Cash Balance
BAT LLC had an opening balance of RO 400 in the petty cash fund. During the month the receipts were RO 125 petrol, RO 55 office stationery, RO135 staff welfare and RO 65 travelling and there was RO 15 left in the petty cash box. If the petty cash fund is raised to RO 500 per month then how much is the amount required to be refill? a. RO 485 b. RO 385 c. RO 380 d. RO 480

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