PP Electronics maintains a petty cash fund with a current balance of $1.000. Recent receipts include $240 for supplies, $180 for postage, and $160 for cleaning expenses. After these expenses, the remaining cash count in the fund is $220. Calculate the variance in the petty cash fund based on these records. a) $180 b) $190 c) $210 d) $200
Q: Ans
A: Concept of Profit MarginProfit margin is a financial metric that shows the percentage of profit a…
Q: QUESTION 1 Rentokil Limited issued a 10-year bond on January 1 2011. It pays interest on January1.…
A: (a) Indicating whether the bonds were issued at a premium or a discountFrom the amortization…
Q: Financial accounting
A: Step 1: Definition of Inventory and Depreciation BalanceInventory Balance: Inventory represents the…
Q: Need solution to this financial accounting prblm
A: Step 1: DefinitionsReturn on Assets (ROA): Return on Assets (ROA) is a financial ratio that measures…
Q: What is row in 2008?
A: ROE CalculationWe are given the financial details of Tikki's Torches, Inc. and need to determine its…
Q: GHI Industries had total net sales of $750,000. The beginning and ending accounts receivable were…
A: Step 1: Definition of Days' Sales in ReceivablesDays' sales in receivables (also known as Days Sales…
Q: What would be the net income effect?
A: Step 1: Definition of Net Income EffectNet income effect refers to the overall impact on a company's…
Q: How does business model evolution accounting adaptation ?
A: The question pertains to the relationship between the evolution of business models and…
Q: Get correct answer general accounting question
A: Step 1: Definition of Cost of Goods Manufactured (COGM)The Cost of Goods Manufactured (COGM) is the…
Q: Wilcox Vehicle Inspections specializes in inspecting commercial trucks that have been returned to…
A: In summary, to attain a monthly profit of $2,000 after investing $4,500 in supplementary fixed…
Q: Please give me true answer this financial accounting question
A: Step 1: Definition of Long-Term DebtLong-term debt refers to financial obligations or liabilities…
Q: At the end of the year, a company's accounts receivable balance is $600,000, while its total credit…
A: Step 1: Definition of Days Sales Outstanding (DSO)Days Sales Outstanding (DSO) is a financial metric…
Q: What is the correct solution? General accounting question
A: Step 1: Define Gain or Loss on Sale of Business PropertyGain or loss on the sale of business…
Q: Plz don't use AI. How are the balance sheet and income statement connected?
A: The balance sheet is a financial statement that provides a snapshot of what a company owns (assets),…
Q: Laxmi Corporation reported financial information for the year 2016 as follows: The company had a net…
A: Explanation of Net Income: Net income represents the excess of total revenues over total expenses…
Q: Required Determine whether the following items included in Wong Company’s January Year 1 bank…
A: The service charges of $50 listed on the bank statement will require an adjusting entry on Wong's…
Q: ABC Corp.'s cash account has a Cash Book balance of $1,200 as of December 31. The bank statement for…
A: To determine the reconciled balance that will appear on ABC Corp.'s balance sheet as of December 31,…
Q: MCQ
A: Explanation of Cash Balance:The cash balance refers to the total amount of cash a company has on…
Q: Crane Company accumulates the following data concerning a mixed cost, using units produced as the…
A: Step 1: UnitcostHighest Activity10,50020,538Lowest activity8,71017,674 Variables cost per unit…
Q: I need help with this problem and accounting
A: Step 1: Definition of Profit MarginProfit margin is a financial metric that measures the percentage…
Q: What are the equipment units
A: Explanation of Work in Process (WIP) Inventory:Work in Process (WIP) Inventory refers to partially…
Q: 4 POINTS
A: Answer:ROE = 16.16%
Q: General accounting
A: Step 1: Definition of High-Low MethodThe high-low method is a cost estimation technique used in…
Q: Please need help with this financial accounting question
A: Step 1: Define Non-Operating LiabilitiesNon-Operating Liabilities refer to liabilities that are not…
Q: Hello tutor solve this question accounting
A: Step 1: Definition of Cash Flow from Operating ActivitiesCash flow from operating activities…
Q: Answer 4 questions acc.
A: Part 1: How does business model evolution affect accounting adaptation?a) Changing operations…
Q: Help
A: Explanation of Work in Process (WIP) Inventory:Work in Process (WIP) Inventory refers to partially…
Q: Jigar Industries uses a predetermined overhead rate based on direct labor cost to apply…
A: Calculation of Estimated Direct Labor CostEstimated Direct Labor Cost = Estimated Direct Labor Hours…
Q: The July 1 work-in-process inventory consisted of 5,200 pounds with $16,500 in materials cost and…
A: Explanation of Work-in-Process Inventory: WIP inventory represents partially completed products that…
Q: Please provide answer
A: In conclusion, to achieve a profit of $12,500, the business needs to sell 5,313 units of its…
Q: The cash process receiving by the seller are ?
A: Provided Data:Sale Price: $20,000Discount Terms: 2/10, Net/30 (2% discount if paid within 10…
Q: Kindly help me with accounting questions
A: To find the profit margin, we use the formula:Profit Margin = Net Income / SalesStep 1: Determine…
Q: Donald Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base salary of…
A: 1.Calculate Total Salary Expenses:Base Salary for 4 Barbers: 4 barbers x $1,380/month = $5,520Base…
Q: Not use ai solution please and accounting question
A: Solution ExplanationWe are given:Cost of Equity, rₑ = 12%Cost of Debt, rₐ = 5%Capital Structure: 60%…
Q: Summit Manufacturing has a standard costing system. The following data are available for October: •…
A: To calculate the actual price per pound of direct materials purchased, we use the material price…
Q: None
A: To determine the company's profit margin, we use the following formula: Profit Margin=(SalesNet…
Q: Compute the gross margin general accounting question
A: Step 1: Definition of Gross MarginGross Margin (also called Gross Profit) represents the difference…
Q: Need help with this question solution general accounting
A: To determine the value of the company's inventory under the lower-of-cost-or-market (LCM) approach,…
Q: Solve my problem
A: To calculate Return on Equity (ROE), we use the formula:ROE = (Net Income / Shareholders' Equity) ×…
Q: general accounting question
A: Step 1: Define Initial Outflow (Investment Cost)The initial cost of the equipment (or present value…
Q: Solve this financial accounting problem
A: Explanation of Earnings Per Share (EPS):Earnings Per Share (EPS) is a financial metric that…
Q: Please need answer the general accounting question not use ai
A: Step 1: Definition of Property, Plant, and Equipment (PP&E)Property, Plant, and Equipment…
Q: What was the income using variable costing
A: Concept of Absorption CostingAbsorption costing is an accounting method that includes all…
Q: Questions related acc.
A: Answer to the First Question:The correct answer is:a) Systematic relationships create comprehensive…
Q: General accounting question
A: Step 1: Definition of Free Cash Flow (FCF)Free Cash Flow (FCF) represents the cash a company…
Q: What will be the firm's cash cycle?
A: The cash cycle measures the time it takes for a company to convert its investments in inventory and…
Q: !!???
A: Explanation of Cash Receipts:Cash Receipts refer to the actual cash inflows received by a business…
Q: Phil Corp. had thefollowing transactions during 2019: -Sales of $8820 on account. -Collected $3920…
A: Step 1: DefinitionsAccrual Accounting: This accounting method records revenues when they are earned…
Q: please provide answer properl
A: Part 1: Accounting Adaptation(a) Changing operations require modified recording approachesPart 2:…
Q: 1.2.14: How do maintenance service contracts affect revenue recognition? a)Recognize full amount at…
A: Explanation of Revenue Recognition Principle:The Revenue Recognition Principle is a key accounting…
Choose the correct option
Step by step
Solved in 2 steps
- PP Electronics maintains a petty cash fund with a current balance of $1,000. Recent receipts include $240 for supplies, $180 for postage, and $160 for cleaning expenses. After these expenses, the remaining cash count in the fund is $220. Calculate the variance in the petty cash fund based on these records.ABC Co established a petty cash fund of P40,000. Fund disbursements during the period was P27,363. The petty cash count at the end of the period revealed total bills and coins of P12,834.The entry to record the replenishment would include: dr Petty Cash Fund 27,363 cr Petty Cash Fund 12,834 dr Cash shortage/overage 197 cr Cash shortage/overage 197See image please
- Conway Designs established a $290 petty cash fund on October 1, 2020. Prepare the entry to replenish the fund at the end of each of the following months of activity: The petty cash box contained $32 on October 31 along with receipts for $150 for cleaning, $35 for postage, and $63 for delivery expenses. On November 30, the petty cash box contained only two receipts, for a $105 computer repair and a $131 entertainment expense. The petty cash custodian counted cash remaining of $58. The petty cash box contained $15 on December 31 plus receipts for $61 for gas expense, $146 for office supplies, and $68 for entertainment expenses. In addition to replenishing the fund, it was increased by $80. Journal Entry 1. Record to reimburse the fund (Oct 31, 2020) 2. Record to reimburse the fund (Nov 30, 2020) 3. Record to reimburse the fund (Dec 31, 2020)Willard Company established a $440 petty cash fund on September 9, 2020. On September 30, the fund had $175,40 in cash along with receipts for these expenditures: transportation-in, $35.70, office supplies. $124.90, and repairs expense. $97.00. Willard uses the perpetual method to account for merchandise inventory. The petty cashier could not account for the $7.00 shortage in the fund. a. Prepare the September 9 entry to establish the fund. View transaction list Journal entry worksheet < Record the entry to establish the fund. Note: Enter debits before credits Date Debit Credit Sep 09, 2020 ✪ General JournalPalmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $85 in cash along with receipts for the following expenditures: postage, $41; transportation - in, $11; delivery expenses, $13; and miscellaneous expenses, $30. Palmona uses the perpetual system in accounting for merchandise inventory. Prepare the entry to establish the fund on January 1. Prepare the entry to reimburse the fund on January 8 under two separate situations: To reimburse the fund. To reimburse the fund and increase it to $230. Hint: Make two entries
- Palmona Company establishes a $170 petty cash fund on January 1. On January 8, the fund shows $69 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $14; delivery expenses, $16; and miscellaneous expenses, $30. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $220. Hint. Make two entries. View transaction list Journal entry worksheetMeng Co. maintains a $330 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $86 for office supplies, $172 for merchandise Inventory, and $26 for miscellaneous expenses. There is a cash shortage of $16. Based on this information, the amount of cash in the fund before the replenishment is: Multiple Choice $330. $62. O O O $30. $46. $284.Palmona Company establishes a $180 petty cash fund on January 1. On January 8, the fund shows $83 in cash the following expenditures: postage, $38; transportation-in, $15; delivery expenses, $17; and miscellaneous ex uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $230. Hint. Make two entries. View transaction list Journal entry worksheet 1 2 3 4 Record the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date January 01 General Journal Debit Credit
- Palmona Company establishes a $130 petty cash fund on January 1. On January 8, the fund shows $47 in cash along with receipts for the following expenditures: postage, $35; transportation-in, $11; delivery expenses, $13; and miscellaneous expenses, $24. Palmona uses the perpetual system in accounting for merchandise inventory. 1. Prepare the entry to establish the fund on January 1. 2. Prepare the entry to reimburse the fund on January 8 under two separate situations: a. To reimburse the fund. b. To reimburse the fund and increase it to $180. Hint: Make two entries. View transaction list Journal entry worksheet < 1 2 3 4 Record the journal entry to establish the petty cash fund. Note: Enter debits before credits. Date January 01 General Journal Debit CreditHavermill Co. establishes a $390 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $87 for Repairs Expense, $165 for merchandise Inventory, and $36 for miscellaneous expenses. The fund has a balance of $102. On October 1, the accountant determines that the fund should be increased by $78. The Journal entry to record the reimbursement of the fund on September 30 includes a: Multiple Choice О Credit to Cash for $102. Credit to Cash for $390. Debit Petty Cash for $288. О Credit to Merchandise Inventory for $165. О Debit to Repairs Expense for $87.Pelcher Company maintains a $480 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $126 for office supplies, $172 for merchandise inventory, and $86 for miscellaneous expenses. There is a cash overage of $8. Based on this information, the amount of cash in the fund before the replenishment is: Multiple Choice O O $480. $384. $96. $88. $104. Seved