AB Ltd.has a petty cash account that is set at $1,200. In month 1 the month end replenishment is for 20% of the fund. In month 2 the month end replenishment is for 25% of the fund and in month 3 the fund size is increased by $200 and the replenishment is for 22% of the fund level. Required: How much is the highest monthly expense from replenishment?

AB Ltd.has a petty cash account that is set at $1,200. In month 1 the month end replenishment is for 20% of the fund. In month 2 the month end replenishment is for 25% of the fund and in month 3 the fund size is increased by $200 and the replenishment is for 22% of the fund level. Required: How much is the highest monthly expense from replenishment?

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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