What is the amount of petty cash shortage?
Q: Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a con...
A: Income statement refers to a statement which shows the revenue and expense of the company of a parti...
Q: Problem #3 Admission by Investment of Assets After the tangible assets have been adjusted to fair va...
A: Solution A Journal is an company's official book in which all business transactions are recorded in ...
Q: Intra group Transactions Kent Ltd owns all the share capital of Lodh Ltd. That is, Lodh Ltd is a w...
A: The question is related to Consolidated Financial Statements. Kent is a parent company of Lodh Ltd. ...
Q: Share capital, P5 par 600,000 shares authorized, 200,000 shares issued and outstanding Share premium...
A: Solution Concept Reacquisition of share to be held as treasury does not affect the retained earnings...
Q: Establishes the tax differences between individuals and corporations in the United States.
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...
Q: Edguy Company was organized on January 1, 2019. On that date, it issued 200,000 ordinary shares of P...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August 10...
A: solution concept credit term 5/10 , 4/15 ,n/ 60 It means that if the payment is made...
Q: MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution...
A: 1. Income Statement This statement shows the income earned and loss incurred by the organization in ...
Q: What is the maturity value of the loan if the proceeds is P22,000 at the rate of 10% for 10 months?
A: Maturity value of the loan = Proceeds from loan + Interest accrued on loan for 10 months Proceeds fr...
Q: yundai Company has a relevant range of production between 10,000 and 20,000 units. The following cos...
A: Solution Given relevant range of production =10000 to 20000 units relevant range of production mea...
Q: TRUE OR FALSE: Indicate whether the statements are true or false. 1. Assuming the parent acquired 1...
A: The question is related to the Consolidated Financial Statements. In Case of 100% Subsidairy the par...
Q: Exercise 3-2 Adjusting and paying accrued wages LO P3 Pablo Management has eight employees, each of ...
A: Journal entries means the book of prime entry including debit and credit item. Adjusting entry means...
Q: Saddleback Company paid off $36,000 of its accounts payable in cash. What would be the effects of th...
A: Payment to accounts payable = $36000
Q: Required a) Compute the breakeven point in units sold. b) Suppose the unit purchased is $9 instead o...
A: Solution Given Selling price per unit 25 Variable cost per unit 11 Fixed cost 8500...
Q: At the end of year, was manufacturing overhead over- or under-applied? Refer to the previous questio...
A: Cost of goods sold (COGS) refers to the cost of goods and services which is sold by the company in a...
Q: A man is considering investing Php 750,000 to open a semi-automatic auto washing business in the cit...
A: Answer - Working Note - Particulars Amt Amt Annual Revenue( 12 * 8 *6*50*30) Php 864,0...
Q: Whispering Winds Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, PREF...
A: The treasury stock are the own shares purchased by the company. These shares can be reissued or reti...
Q: High Step Shoes had annual revenues of $195,000, expenses of $108,700, and dividends of $22,000 duri...
A: Lets understand the basics. Income statement summary is a summary which shows how much net income is...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Share dividend does not include any cash outflow it is only a capitalization of retained earnings, t...
Q: Healesville Sanctuary is a family-owned and operated wildlife park located in Melbourne. Healesville...
A: Here asked different scenario in which the decision which are taken from Auditors for these differen...
Q: The average net profits expected in future by Khalifa and Co. are RO. 30,000 per year. The average c...
A: given The average net profits expected in future by Khalifa and Co. are RO. 30,000 per year. The a...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Calculation of balance of Unappropriated Retained earnings at the end of year Amount (In P)...
Q: Answer the below statements by stating (True or False) only. a. Corporate governance is the set of r...
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new q...
Q: Exerclse 3-12 Preparing a classifled balance sheet LO C3 Credit Debit $ 6,408 14,800 6,765 167,000 A...
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period. I...
Q: transitory earnings are present, which of the following correctly depicts the order used on the inco...
A: Transitory earning are temporary earnings that are not earned in the regular course of business. The...
Q: An entity has a loan due for repayment in six months' time but the entity has the option to refinanc...
A: REFINANCE REFERS TO THE PROCESS OF REVISING AND REPLACING THE TERMS OF AN EXISTING CREDIT AGREEMENT ...
Q: Presented below is selected data from the financial statements of Trend, Inc. for the current and pr...
A: Current Ratio: It is a liquidity ratio that assesses a company's capacity to pay short-term commitme...
Q: MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution...
A: Unappreciated Retained Earnings: A business's retained earnings are those earnings that have not bee...
Q: Mayon Company reported the following at December 31, 2021: Cash 4,500,000 7,500,000 2,000,000 4,000,...
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...
Q: On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and...
A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to a...
Q: A company had no office supplies available at the beginning of the year. During the year, the compan...
A: Office supplies: office supplies can be referred to as assets that are used in the office like pen-p...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Share dividend does not include outflow of cash however it requires capitalization of retained earni...
Q: What total amount was paid for expenses during the current year? a. 2,550,000 b. 2,850,000 c. 2,700...
A: To calculate expense paid for the current year, we need to adjust opening and closing balances of pr...
Q: Required: 2 points each 1. Compute prime cost 2. Compute conversion cost 3. Compute total production...
A: Prime costs (PC) are those direct costs that are connected directly with the product and are easily ...
Q: Ogilvy Company manufactures and sells one product. The following information pertains to each of the...
A: The income statement is prepared to find net income or losses incurred during the period.
Q: 4. What total amount was paid for expenses during the current year? * Tripeaks Company used the accr...
A: Solution: Expenses are the cost of operations incurred to generate revenues. Mainly there are two ty...
Q: The ABC Company started its operations during the 20th century. Many years later, the balance sheet ...
A: note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: On January 1, 20X1, Hermione, Inc., an SME, paid cash of P600,000 for all the outstanding shares of ...
A: Goodwill is the excess cost paid by the succeeding company at the time of acquisition. Goodwill is t...
Q: Samra Ltd has 2 000 000 ordinary shares on issue at the beginning of the year, 1 July 2014. These sh...
A: 1. Weighted-average number of shares calculated in accordance with AASB 133 Period Shares Wei...
Q: Selected data concerning the past year's operations of the Beachwear Manufacturing Company are as fo...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: A sports complex is to be constructed. Two plans are under consideration. Plan A is to construct a t...
A:
Q: The following information is available from the adjusted trial balance of the Harris Vacation Rental...
A: Closing entries are the entries which are used to close the revenue and expenses accounts. This is u...
Q: Chataqua Can Company manufactures metal cans used in the food-processing industry. A case of cans se...
A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...
Q: Hélp Save & Ex On January 1, Eastern College received $1,330,000 from its students for the spring se...
A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service...
Q: Which of the following would appear first in a statement of retained earnings? a. Net income b. Pri...
A: The ending balance of retained earnings can be calculated by adding net income and deducting dividen...
Q: The following are data from a production, calculate; The Break-even point in tenns of sales value an...
A: In Marginal Costing break-even analysis technique is used to ascertain...
Q: Requirements: Record the transactions stated above in the general journal. Post the transactions t...
A: Journal is a book that includes all business transactions, In the journal, all business transactions...
Q: hat is the maturity value of the loan if the proceeds is P22,000 at the rate of 10% for 10 months? P...
A: Solution Given Present value 22000 Interest rate 10% Period 10 months Formul...
Q: Turane organized a computer service company called Aster Systems. Aster is organized as a sole propr...
A: Financial statements refers to those statements which are prepared in order to determined the financ...
Q: Mayon Company reported the following at December 31, 2021: Cash 4,500,000 Accounts receivable 7,500,...
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...
What is the amount of petty cash shortage?
Step by step
Solved in 2 steps
- On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment as it was month-end. The following are the receipts: Auto Expense $114, Supplies $75, Postage Expense $50, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.