Solution-What steps should be taken to fix the problem

What steps should be taken to fix the problem

Assignment Help Accounting Basics

Reference no: EM132473915

point 1: You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that item.

point 2: One day, you are short on cash for lunch. You decide to borrow $10 each day for the next 3 days until payday for a total of $30 from petty cash. After payday, you do not have enough to repay petty cash, so you decide to record a cash short/over expense of $30.

Question 1: Since this is the first time you have ever done this, is this a problem? If so, what steps should be taken to fix this problem? If not, why not?

Reference no: EM132473915

Questions Cloud

What is flowers current e and p : What is Flower's current E&P? Flower distributed $6,000 on February 15 and $30,000 on August 1. What total amount of dividends will Tiny and Tim report?

Determine what are cadbury economic profits : Determine and Suppose the economic costs associated with depreciation and amortization are 400 million pounds. What are Cadbury's economic profits?

Identify three measurable attributes : Disputes information with coworkers and customers but does not have facts to support. Often asks coworkers about products, rather than seeking out information

Future and present value of money : If we did not touch the money that is currently in the bank, how much more money will the company need to earn at the end of the 4th year to pay for the second

What steps should be taken to fix the problem : Since this is the first time you have ever done this, is this a problem? If so, what steps should be taken to fix this problem? If not, why not?

Social security tax and medicare tax on behalf : How much did your employer pay in Social Security tax and Medicare tax on your behalf?

How do calculate the pv of future payments to ensure : How do calculate the Pv of future payments to ensure if it is capital lease. what will be the accounting treatments in the balance sheet and income statement

What is the value of the swap to the party paying dollars : What is the value of the swap to the party paying sterling? What is the value of the swap to the party paying dollars?

MITS4001 Case Study and Presentation Assignment : MITS4001 Business Information Systems Case Study and Presentation Assessment Help and Solution, Victorian Institute of Technology, Australia. Prepare a report

User Account

All Pages

What steps should be taken to fix the problem

Reference no: EM132473915

Reference no: EM132473915

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT