BrightLight Corporation's petty cash shows opening balance $2,000, reimbursements $8,000, and payments $7,500. Calculate the closing petty cash balance.
Q: I want to correct answer general accounting
A: Step 1: Define Merchandise inventoryMerchandise inventory refers to goods purchased from suppliers…
Q: Business 123 Introduction to Investments May I please have the solution for the following exercise?…
A: The conversion price is the price at which each share of common stock can be bought out of each…
Q: Sorin inc, a company that produces and sells a single product this question solution now
A: Step 1:Contribution margin is calculated by deducting variable cost from sale price. Calculation of…
Q: When should the accounting cycle be modified for specialized industries?
A: In accounting, the cycle typically follows regular time periods, like monthly or yearly. This system…
Q: Financial Accounting
A: Step 1: Define Return on AssetsIn the context of finance, the return on assets ratio is indicative…
Q: General Accounting Question
A: Stock Return Calculation StepsCase 1: Price Increase to $62 With Margin1. Calculate Sale Proceeds:•…
Q: Please give me answer Accounting
A: a. Using the High-Low Method to Estimate the Cost FormulaThe High-Low method estimates the cost…
Q: Provide correct Of this account question
A: Step 1: Define Du Pont AnalysisDu Pont model aids in assessing return equity. To obtain a clear…
Q: NEED ANSWER
A: Explanation of Behavioral Accounting: Behavioral accounting is a specialized field that examines how…
Q: Answer
A: Detailed explanation:To determine total tips collected in March add cash tips, credit card tips, and…
Q: Solution for this
A: Explanation of Room Service Revenue:Room service revenue refers to the income generated from selling…
Q: Answer this accounting theory
A: Detailed explanation:Definitions Related to the Question1. Full Disclosure PrincipleThe full…
Q: PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM!
A: Step 1: Calculate the total cost and salvage valueCost of the equipment = $612,000Salvage value =…
Q: roa
A: Explanation of Operating Profit Margin:Operating profit margin is a financial ratio that shows the…
Q: Problem 16-31 (Algo) [LO 16-5, 16-9] In 2000, Ms. Ennis, a head of household, contributed $43,000 in…
A: Solution:Part (a): 1. Determine the Gain on Seta Stock:Gain = Selling Price - Cost BasisGain =…
Q: I want to answer of this accounting question fast
A: The acid-test ratio, also known as the quick ratio, is calculated as follows:Formula for Acid-Test…
Q: I want answer in all working steps
A: Explanation of Overhead Costs: Overhead costs represent all manufacturing costs that cannot be…
Q: vi.1
A: Entries Required:Year 2022:Patent Purchase from Lou Company:Initial purchase and net book value…
Q: On June 15, Oakley Inc. Sells merchandise on account to Sunglass Hut... Please provide answer this…
A: Step 1: Define Sales On AccountA sale on the account and its related transactions under a perpetual…
Q: Can you please give me correct solution for this general accounting question?
A: Explanation for a: Standard cost per unit is calculated using the following formula:Standard cost…
Q: I need answer of this question solution general accounting
A: Step 1: Define Unlevered FirmAn unlevered firm, also called an all-equity firm, is a firm without…
Q: Given answer Accounting
A: Step 1: Define Cost of Goods SoldIn the context of accounting, the cost of goods sold during a given…
Q: PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM!
A: Step 1:In the given case, since there is no salvage value, the cost of assets dis equal to the total…
Q: I need answer of this question solution general accounting
A: Step 1: Define ReceivablesReceivables are recorded when a company sells goods on credit to the…
Q: Solve these general accounting issue and give correct answer
A: Step 1: Define Stockholders' EquityThe account of stockholders' equity shows what value owners can…
Q: Material left over when making a product is referred to as Select one: a. Spoilage b. Reworked…
A: The correct answer is c. Scrap. In the context of manufacturing and production, scrap refers to the…
Q: Hello tutor answer these general accounting question
A: Step 1: Define Conversion CostsConversion costs are total cost exclusive of raw material costs. That…
Q: Barreto Brewing Company and Blakey Brewing Company exchanged assests on November 1, 2024. This…
A: Step 1: Identify the Key Information Barreto's Asset Given Up:Cost: $10,000Accumulated Depreciation:…
Q: PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM!
A: Here's the accumulated depreciation for Waterway Company's equipment using the Modified Accelerated…
Q: Donna Tse has recently accepted the position of assistant manager at Cycle World, a bicycle store in…
A: For further reading use Reference belowNafranovich, E., & Bogatyreva, V. (2016). Activities and…
Q: Get correct answer general accounting
A: Step 1: Define Investment TurnoverInvestment turnover is used to measure how well a company uses its…
Q: Chapter 6 show results for bank reconciliation March 31, 20--
A:
Q: Hi expert please give me answer general accounting
A: Calculation of Depreciation of the Machine every yearCost of Machine = Purchase price + Installation…
Q: The Thompson Corporation, a manufacturer of steel products, began operations on October 1, 2022. The…
A: Explanation of Calculations:A and B: Land is not depreciated.Building A: The straight-line…
Q: Assets Cash FORTEN COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory…
A: 1. Calculate Net IncomeThis is the starting point for the indirect method of the cash flow…
Q: Hi expart Provide correct solution for these accounting question
A: Step 1: Define Equity MultiplierThe equity multiplier ratio for a firm is indicative of its…
Q: Business 123 Introduction to Investments May I please have a post response of the following…
A: How I Will Share This KnowledgeWith the knowledge I've gained in this course, I will be in a…
Q: Ai answer will be get rejected
A: Step 1: Gather Information and Assess the SituationReview the Facts: Thoroughly understand the…
Q: General Accounting
A: Step 1: Define Accrued Interest PayableAccrued interest payable is the amount that has been…
Q: Financial Accounting
A: Step 1:The value of share is calculated as follows: Expected value of share after growth = Current…
Q: When should a company record the amortization of bond issuance costs under financial accounting…
A: Explanation of Bond Issuance Costs: Bond issuance costs are the expenses directly associated with…
Q: Par Industries owns 7,000,000 shares of Sub Corporation’s outstanding common stock (a 70 percent…
A: In this scenario, Par Industries owns 70% of Sub Corporation's outstanding common stock, which means…
Q: I need answer of this question solution general accounting
A: Step 1: Define Accounts receivableAccounts receivable are part of the resources that the business…
Q: Calculate the OPM
A: Explanation of Sales: Sales represent the total revenue a company generates from selling goods or…
Q: Provide answer the general accounting question
A: Step 1: Define Variable and Fixed CostsProduction in the short run involves both fixed costs and…
Q: Provide correct answer the general accounting question
A: Step 1: Define Ratio AnalysisRatio analysis is essential in management accounting. It helps evaluate…
Q: Case Study: Accounting
A: Detailed explanation:Definitions Related to the Question1. Monetary Unit AssumptionThe monetary unit…
Q: Coral Bay Spa Bay Spa records employee tips monthly. March shows: cash tips $2,340, credit card tips…
A: Explanation of Cash Tips: Cash tips represent the monetary gratuities that customers give directly…
Q: Exercise 24-18 (Algo) Net present value, unequal cash flows, and Internal rate of return LO P3, P4…
A: Detailed explanation: To solve the exercise involving the Net Present Value (NPV) calculations for…
Q: None
A: Detailed explanation:1. Explanation of Objectivity Concept:Objectivity in accounting refers to the…
Step by step
Solved in 2 steps
- A company has decided to start a petty cash fund for $150. Which of the following is the correct journal entry? A. B. C. No entry is required. D.Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. C. The company has decided to reduce the petty cash fund to $600.
- Record the following transactions: A. Started a petty cash fund in the amount of $500. B. Replenished petty cash fund using the following expenses: Auto $24, Office Expenses $43, Postage Expense $19, Miscellaneous Expenses $25. Cash on hand is $389. C. The company has decided to reduce the petty cash fund to $300.Record the following transactions: A. Started a petty cash fund in the amount of $575 B. Replenished petty cash fund using the following expenses: Auto $18, Office Expenses $35, Postage Expense $56, Miscellaneous Expenses $67. Cash on hand is $399. C. Increased petty cash by $25.Provide Answer to the Following Problem
- A delivery service recorded beginning petty cash of $500, received reimbursements of $1,200, and made payments of $1,400. If the actual cash count is $250, calculate the cash over or short amount.Cash Over Or short amount?While examining cash receipts information, the accounting department determined the following information: opening cash balance $178, cash on hand $1,016.25, and cash sales per register tape $853.27. Prepare the required journal entry based upon the cash count sheet. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Account Titles and Explanation Debit Credit
- On March 20, Concord's petty cash fund of $119 is replenished when the fund contains S6 in cash and receipts for postage $49, freight-out $18, and travel expense $42. Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 20A company has a petty cash fund amount of $200. When replenished, it has petty cash tickets of $31 for gas expense, $31 for postage expense, $15 for supplies expense, and $12 for miscellaneous expenses. Assume the cash balance is not over or short. In the journal entry, Cash would be credited for O A. $77 O B. $74 O C. $89 O D. $62If a petty cash fund is established in the amount of $250, and contains $151 in cash and $95 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to the following accounts Select one: a. Petty Cash, $99. b. Cash, $99. c. Cash, $95; Cash Over and Short, $4. d. Petty Cash, $95. Mott Company uses the units-of-activity method in computing depreciation. A new plant asset is purchased for $48,000 that will produce an estimated 100,000 units over its useful life. Estimated salvage value at the end of its useful life is $4,000. What is the depreciation cost per unit? Select one: a. $4.40 b. $.48 c. $.44 d. $4.80 A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at Select one: a. $70,000. b.…
