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Feb. 2 Wrote a $300 check, cashed it, and gave theproceeds and the petty cashbox to Reggie Gore the petty cashier. 5 Purchased bond paper for the copier for $14.55 that is immediatelyused. 9 Paid $32.50 COD shipping charges on merchandise purchased forresale, terms FOB shipping point Beard uses the perpetual system to account for merchandiseinventory. 12 Paid$7.85 postage to express mail a contract to a client 14 Reimbursed Jonny Carr, the manager, $66 for business mileage on hercar. 20 Purchasedstationery for $67.67 that is immediately used. 23 Paid acourier $23 to deliver merchandise sold to a customer, terms FOBdestination. 25 Paid $10.30 CODshipping charges on merchandise purchased for resale, termsFOB shipping point. 27 Paid $55 forpostage expense. 28 The fund had$20.82 remaining in the petty cash box. Sorted the petty cashreceipts by accounts affected and exchanged them for a check to reimburse thefund for expenditures. 28 The petty cashfund amount is increased by $100 to a total of $400.
a) Prepare the journal entry toestablish the petty cash fund.
b) Prepare a petty cash paymentsreport for February with these categories: delivery expense,milage expense,postage expense, merchandise inventory(for transportation-in), andoffice supplies expense. Sortthe payments into the appropriate categories and total theexpenditures in each category.
Morgantown Movers has net working capital of $11,300, current assets of $31,200, equity of $53,400, and long-term debt of $11,600. What is the amount of the net fixed assets?
Knique Shoes issued a 100,000, 8 month, noninterest-bearing note. The loan was made by Second Commercial Bank whose stated discount rate is 9%. The effective interest rate on this loan (rounded) is:
Which of the following is NOT a legal restriction related to profit distributions by a corporation?
In January 2011, Post, Inc. estimated that its year-end bonus to executives would be $720,000 for 2011. The actual amount paid for the year-end bonus for 2010 was $660,000.
The amount of overhead cost that the company applied to work in process for October was:
Under variable costing, each unit of the company's inventory would be carried at:
Critique the benefits and drawbacks of proprietorships and partnerships as a form of business organization.
What is the number of juices per day that must be sold to achieve break even? Upon further investigation, the owner learns that the new machine requires substantial maintenance, which will increase the variable cost by $.50 per juice. How would thi..
Explain/discuss the value of the stage-gate process of new product development-What is a project charter and a contract book? Explain/discuss their purpose and how they are related to each other?
Prepare a schedule of cost of goods manufactured for Fido Treats for the year ended December 31, 2012. Prepare an income statement for Fido Treats for the year ended December 31, 2012.
This year Larry received the first payment from an annuity that promises to pay him $3,000 per month for the rest of his life. The IRS tables indicate that given Larry's age, he should expect to receive 310 monthly payments.
Both companies will have the same net income. Which of the following is an example of a payroll tax expense incurred by the employer?
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