Spencer Co. has a $280 petty cash fund. At the end of the first month the accumulated receipts represent $51 for delivery expenses, $159 for merchandise inventory, and $20 for miscellaneous expenses. The fund has a balance of $50. The journal entry to record the reimbursement of the account includes a:

Answers

Answer 1

Answer:

Credit to cash $230

Explanation:

Preparation of the Journal entry for the reimbursement of the account of Spencer Co.

Based on the information given we were told that the company spent the amount of $51 for delivery expenses, the amount of $159 for merchandise inventory, and the amount of $20 for miscellaneous expenses from their petty cash fund at the end of the month, which means that the journal entry to record the reimbursement of the account will be:

Dr Delivery expenses $51

Dr Merchandise inventory $159

Dr Miscellaneous expenses $20

Cr Cash                                  $230

(To record petty cash reimbursement)


Related Questions

1. In the POW camps of WWII, what did prisoners do with the contents of their Red Cross packages
that "maximized individual satisfaction"?*
(1 Point)
Prisoners gave away things they didn't want
Prisoners traded for what they wanted.
Prisoners hoarded their meager supplies.

Answers

Answer:

The correct option is;

Prisoners traded for what they wanted

Explanation:

In the war camps, being that there where no privileged persons, everyone had to trade what they where given as rations for what they needed and as such trading became predominant in the camp as those who could afford to manage without taking some of the package contents from the Red Cross such as beef, coffee, biscuits and cheese can trade for other items with some making small fortunes in cigarettes (which became more or less the currency) and biscuits.

Managers should be more concerned that data is stored in a structured data warehouse or a Hadoop cluster, and less about the actually the insights that can be derived from the data. True False

Answers

Answer:

False

Explanation:

Data can be defined as the facts and figures that are collected for the purpose of extracting information towards getting an insight.

Data warehousing is the system of collecting and analyzing of data collected from different sources to provide an insight towards business management using collection of computers called Hadoop cluster,

We need to know that the core purpose of data collection is to provide information and insights for management use ,therefore the insight that can be derived is of paramount importance to the managers than data warehouse or a Hadoop cluster.

Job specifications can be defined as: a. planned sequences of jobs through which employees may advance within an organization. b. written descriptions of the basic responsibilities required of an employee holding a particular job. c. a set of procedures for advertising job openings within a company to existing employees. d. a written summary of the qualifications needed to successfully perform a particular job.

Answers

Answer:

Option d would be the correct approach.

Explanation:

The organized database of the important tasks required in carrying out a task that has been extrapolated from such a job description and used in job classification and assessment and personnel policies as well as positioning.This usually includes tasks, intent, obligations, nature including employment conditions of a position including the description of the position, as well as the identity or description of the individual the input data to.

Many examples do not apply to the subject being discussed. So option d is indeed the right one.

The process by which management plans, evaluates, and controls long-term investment decisions involving fixed assets is called __________ analysis.

Answers

Answer:

capital investment analysis

Explanation:

This process being described is known as capital investment analysis. Like mentioned in the question this term refers to a budgeting procedure that is used in order to ultimately assess the potential profitability of a specific long-term investment. This form of analysis is usually used by large corporations/organizations that have a long-term investment which contain fixed assets such as equipment, machinery, or real estate.

In what country do the three largest shareholders control, on average, about 60 percent of the shares of a public company?
a. Great Britain
b. Italy
c. United States
d. Canada

Answers

Answer:

b. Italy

Explanation:

Even though this % doesn't apply to all corporations, it is still a very small number of shareholders that control corporations (and their board) on average. We can compare this situation to the American normality, where any shareholder that owns 5% or more of a large corporation is considered a major shareholder and must report himself/herself to the SEC as such.

In the US, many of the corporations would be considered closed corporations. The smaller the number of shareholders with large decision power, the less small shareholders can do.

Karen Smith bought Coca-Cola stock for $475 on March 31, 20X1. On November 15, 20X1, Karen received a non-taxable distribution of $155 on the 50 shares of stock she owned. She sold the stock for $300 on December 22, 20X1. What is her gain or loss on the sale

Answers

Answer:

$20 loss

Explanation:

Karen Smith bought a coca-cola stock for $475 in March 31, 20X1

She received a non taxable distribution of $155 on November 15, 20X1

The first step is to calculate the adjusted basis

= $475-$155

= $320

Karen sold the stock for $300 on December 22, 20X1

Therefore, her gain or loss on the sale can be calculated as follows

= $300-$320

= $20 loss

Hence Karen has a loss of $20 on the sale

A local electricity - generating company has a monopoly that is protected by an entry barrier that takes the form of:________. a. economies of scale. b. perfectly inelastic demand curve. c. control of a key raw material. d. network externalities.

Answers

Answer:

a. economies of scale.

Explanation:

Economics of scale refers to a scale in which there is a benefit of the cost that occurs when there is an efficient production

It can be accomplished by rising the production at less cost this arise as cost are allocated among the larger number of goods

Here, the local electricity who generated the company has a monopoly and are safe from the entry barrier

So this is a case of economies of scale

Hence, the correct option is a. economies of scale

The HR department at Trevor Communications oversees the recruitment and training of employees at the firm.As the firm grows and recruits more employees,overseeing individual training programs has been come too much for HR staff to handle.Which of the following applications should the HR department use to help with employee training?A) A customer relationship management systemB) A management information systemC) A learning management systemD) A decision support systemE) An executive decision-making system

Answers

Answer:

C) A learning management system

Explanation:

Analyzing the above scenario, it is clear that the learning management system would be very useful to the HR department at Trevor Communications.

This system can be defined as a learning process that takes place in a virtual way, in an environment where each individual can access learning content in an interactive and dynamic way, by accessing a tool that contains the content and information necessary for specific learning.

This system confers several advantages to the organization, such as the elimination of personnel costs, greater ease of monitoring and follow-up, greater availability, ease of implementation and evaluation.

The yield to maturity on a company’s debt is 6.2% per year and the company’s cost of equity financing is 10.9% per year. The book value of the debt is $30.0 million and the book value of the equity is $15.0 million. The company’s tax rate is 32%. The market value of the debt is $36.9 million and the market value of the equity is $27.1 million. What is the company’s annual weighted average cost of capital?

Answers

Answer:

7.05%

Explanation:

You have an option on an ARM that has a two-year adjustment interval, 4% margin, 2% periodic rate cap and a 6% lifetime cap. The current initial rate is 5.35%. You can also get a 30-year, fixed-rate mortgage for 6.65%. You plan on staying in this home for at least 10 years. What would be your best choice?

Answers

Answer:

What would be my best choice is to choose the fixed-rate loan reason been that FIXED-RATE LOAN interest rate remain constant, meaning it does not varies during the period of the loan and the risks involved is lesser.

Explanation:

Based on the information given what would be my best choice is to choose the fixed-rate loan

reason been that FIXED-RATE LOAN interest rate remain constant, meaning it does not varies during the period of the loan and the risks involved is lesser.

Secondly I would choose the FIXED-RATE LOAN because it will enable me to properly predict what my future payments might likely be.

Assume the following sales data for a company:

Current year $325,000
Preceding year 250,000

What is the percentage increase in sales from the preceding year to the current year?

a. 70%
b. 30%
c. 50%
d. 76.9%

Answers

Answer:

b. 30%

Explanation:

The computation of the percentage increased in sales from the previous year to the current year is shown below:

= (Current year Sale - Preceding year Sale) ÷ (Preceding year Sale )

= ($325,000 - $250,000) ÷ ($250,000)

= ($75,000) ÷ ($250,000)

= 30%

Hence, the correct option is b. 30%

We simply applied the above formula to determine the percentage increased in sales

The percentage that increased in sales from the preceding year to the current year is 30%. The correct option is b.  

The computation of the percentage increased in sales from the previous year to the current year is shown below:

=(Current year Sale - Preceding year Sale) (Preceding year Sale)

=($325,000-$250,000)÷ ($250,000)

=($75,000)÷ ($250,000)

=30%

A sale is a transaction that involves the exchange of services or goods for a specific sum of money. In other terms, a sale is any activity that involves transferring ownership of a good or commodity to the buyer in exchange for a monetary price.

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Small business investment companies (SBICs) a. are licensed and regulated by the Federal Trade Commission. b. may lend funds or supply equity funds. c. obtain part of their capital from local governments at attractive interest rates. d. provide only short-term financing.

Answers

Answer:

b. may lend funds or supply equity funds.

Explanation:

A small business investment companies (SBIC) is a firm that invests in small businesses. Investments are generally carried out through equity financing or private loans. They are regulated and must be licensed by the Small Business Administration (SBA). The SBA lends money to SBICs so that they can invest in specific industries or specific business sectors.

If a government policy change harms a​ monopolist, the government could A. tax those who get additional gains and compensate the​ monopolist, thereby making the change a Pareto improvement. B. increase the general tax rate and compensate the​ monopolist, thereby making the change a Pareto improvement. C. do​ nothing, because the change is a Pareto improvement. D. It is not possible to mitigate the harm to a monopolist.

Answers

Answer:

Correct Answer:

C. do​ nothing, because the change is a Pareto improvement.

Explanation:

Monopolisim is the economic system whereby the business in concentrated in the hands of an individual thereby determining the price of the product which the citizens are going to pay. In a situation whereby the government policy change affect a monopolist, they should do nothing that would be beneficial to the monopolist.

There is a different​ short-run Phillips curve for every level of the​ ___________ inflation rate. The inflation rate at which the​ short-run Phillips curve intersects the​ long-run Phillips curve equals the​ ___________ inflation rate.\

Answers

Answer: expected; expected

Explanation:

The Phillips curve is an economic concept whereby it is stated that there is a stable and inverse relationship between inflation and the unemployment in an economy.

According to this theory, inflation is as a result of economic growth and this will lead to reduction in unemployment.

There is a different​ short-run Phillips curve for every level of the​ expected inflation rate. The inflation rate at which the​ short-run Phillips curve intersects the​ long-run Phillips curve equals the​ expected inflation rate.

All the following statements concerning the interest settlement option in life insurance are correct EXCEPT: Group of answer choices the beneficiary may be allowed to withdraw part or all of the proceeds. the beneficiary may be allowed to change to another settlement option. the minimum guaranteed interest rate usually is equal to the prime rate. the interest can be paid monthly, quarterly, semiannually, or annually.

Answers

Answer:

the minimum guaranteed interest rate usually is equal to the prime rate.

Explanation:

Interest settlement in a life insurance policy involves the insurance company maintaining proceeds from the policy and investing it.

The policy holder is promised a minimum interest rate.

However there is no guarantee that the minimum interest rate will be equal to prime interest rate. Prime interest rate is the official lending rate that is given by banks.

The payment of interest can be monthly, quarterly, semiannually, or annually.

Beneficiary can withdraw all or part of the proceeds, and he has the option of switching to another settlement method.

Ashley bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $350 more than the desktop. She paid for the computers using two different financing plans. For the desktop the interest rate was 7% per year, and for the laptop it was 6% per year. The total finance charges for one year were $398. How much did each computer cost before finance charges

Answers

Answer:

Laptop = $3250

Desktop = $2900

Explanation:

Total finance charge = $398

Laptop cost = 350 + x

Desktop = X

Workings

Finance cost = (7% *X ) + (6% * 350+x ) = 398

0,07 X + 0.06 X + 21 = 398

0.13 X + 21 = 398

0.13 X = 398 -21

0.13 X = 377

Therefore ,X = 377/0.13

=2900

Cost of Desktop = 2900

Cost of Laptop =2900+350 =3,250

The marketing manager from a heavy-equipment manufacturer in Dallas,Texas was attending an international trade show in Japan.There were many prospective customers from different countries who seemed interested in the firm's product.However,they had difficulty following the manager's explanations of product features due to his heavy Texas drawl.In this case,the accent would be considered:__________.
A) an encoding error
B) a decoding error
C) culture shock
D) noise
E) distortion

Answers

Answer:

D) noise

Explanation:

Since it is mentioned in the question that there were many possible customers who belong from different countries are seemed interested in the firm product but at the time when the manager explained the features of the product, there was difficulty due to heavy Texas drawl.

So this situation represents the noise and hence the same is to be considered

You are attending a lecture by a banker and you expect her to advocate bank savings accounts. However, she advocates stock investments instead. Since her message goes against her own self-interest, you perceive her as _______ and the message as _______.

Answers

Answer: sincere; persuasive

Explanation:

Since her message of the banker goes against her own self-interest, you perceive her sincere and the message as persuasive.

Being sincere simply means that the banker is giving the lecture genuinely and what she is saying is free from being deceitful. Also, hee message is being regarded as persuasive.

Victoria runs a flower shop. She recently made some changes so that one employee answers phones and completes the order and payment process, while another creates arrangements, and a third packages and delivers floral arrangements. Previously, each employee was responsible for the order from the phone call through the delivery. Victoria has made changes to

Answers

Answer:

Task identity.

Explanation:

In this scenario, Victoria runs a flower shop and recently made some changes so that one employee answers phones and completes the order and payment process, while another creates arrangements, and a third packages and delivers floral arrangements. Previously, each employee was responsible for the order from the phone call through the delivery. Therefore, Victoria has made changes to task identity.

Task identity can be defined as the overall extent to which each employee does a job completely, typically from the start point (beginning) to finish point (end). In this context, the start point or beginning of the job is the "phone call" while the finish point or end of the job is to deliver the product to the rightful consumer.

Hence, task identity mainly involves starting a job from the beginning to the end with visible outcomes for all to see or acknowledge.

Kennedy, Inc. reported the following data: Net income $173,387 Depreciation expense 12,062 Loss on disposal of equipment (8,995) Gain on sale of building 19,920 Increase in accounts receivable 10,890 Decrease in accounts payable (3,089) Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. Use the minus sign to indicate cash outflows, a decrease in cash, cash payments, or any negative adjustments.

Answers

Answer:

                                Kennedy, Inc

             Cash flows from operating activities:  

Net income                                                 $173,387

Adjustments to reconcile net income

to net cash flow from  operating activities:  

Depreciation expense                                 $12,062

Loss on disposal of equipment                   $8,995

Gain on sale of building                              -$19,920

Changes in current operating

assets and liabilities:  

Increase in accounts receivable                 -$10,890

Decrease in accounts payable                    -$3,089

Net cash flow from operating activities $160,945

Rhea's company sets specific goals for product features and reliability, offers incentives for achieving goals, and regularly solicits employee feedback on the causes of customer issues. These activities are part of a _______ system.

Answers

Answer:

Total quality management.

Explanation:

Since Rhea's company sets specific goals for product features and reliability, offers incentives for achieving goals, and regularly solicits employee feedback on the causes of customer issues. These activities are part of a total quality management system.

A total quality management (TQM) can be defined as a management tool used to attain customer's satisfaction and improved productivity leading to long-term success in the business. The starting point or first step of the total quality management (TQM) is customer focus.

Hence, in order to achieve a long-term success in customer satisfaction, organizations should use the total quality management approach by involving all of its employees with high standards and work ethics.

In marketing channels for business products, an intermediary that performs a variety of marketing channel functions including selling, stocking, delivering a full product assortment, and financing is referred to as

Answers

Answer: Industrial distributors

Explanation: Industrial distributors could be described as independent businesses or setups who acts as intermediary between businesses. Generally, industrial distributors deals with bulk supply and stocking of products which are usually used by production firms rather than that which is sold to the end users or consumers. Industrial distributors usually ease the woes of most businesses who are into production of goods and services, the industrial distributors supplies these businesses with the required materials needed for their production. Industrial distributors also make shipping of these goods in bulk from some manufacturers before selling to other business outlet who require the materials for production.

Eight years ago you purchased an asset for $100,000 that has yielded a nominal capital gain of $30,000. If you sold the asset today, your inflation-adjusted capital gains would be zero due to inflation over the last eight years. The capital gains tax is 28 percent. If you sold the asset today your tax liability would be

Answers

Answer: $8,400

Explanation:

Tax liability for a year is computed on the nominal capital gain as of that year not the inflation-adjusted gain. As such, should the asset be sold today, the capital gains tax of 28% will be computed on the capital gain of $30,000 in the following manner;

= 28% * 30,000

= $8,400

On January 1, 2017, Ann Price loaned $157773 to Joe Kiger. A zero-interest-bearing note (face amount, $210000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2019. The prevailing rate of interest for a loan of this type is 10%. The present value of $210000 at 10% for three years is $157773. What amount of interest income should Ms. Price recognize in 2017

Answers

Answer:

15,777

Explanation:

Given the following :

Amount loaned = $157,7723

Prevailing Interest rate on such loan = 10%

Recognizable interest:

Amount loaned * Interest rate

$157,773 * 10%

157,773 * 10

15,777.3

= 15,777( to the nearest thousand)

Therefore, the amount of income Ms. Price will recognize in 2017 is $15,777.

In February, a homeowner contracted with a general contractor to have a basement storage space converted to a sauna, but never paid for the work. The homeowner stopped making mortgage payments in June. The owner is two years delinquent in property taxes to the county. The state gives mechanics' liens priority. If all of these creditors obtain judgments against the owner in November, what will be the priority of their liens (first to last)

Answers

Answer:

Generally real estate liens are prioritized following a temporal order, from first to last. This applies to all liens except taxes. Taxes are always first and they are collected before any other lien in the event of a foreclosure.

In this case, the following priority would go to the mechanic's lien from the the general contractor (as a result from court order), then the mortgage, and finally the other creditors.

Trent is an avid fly fisherman and for his hobby he large rubber rafts, hip waders, special fishing rods, reels, line, and an assortment of fishing tackle and lures. There are no sporting goods stores near him so he orders his fishing supplies from the L.L. Bean catalog. His supplies are generally delivered to his home within 72 hours. Trent is using a ________ to satisfy his fishing supply needs.

Answers

Answer:

Home delivery retailer

Explanation:

Retailing is the sale of services or goods directly to the end use customers through stores, malls, online and by home delivery, to make a certain amount of profit. Retailers are there to close the gap between the producers, wholesalers and the end users. Retailing involves the the fulfilling of small orders of very many end use customers

Being that Trent intends to buy the supplies for his personal use and hobbies and have them delivered to his home. Trent is using a home delivery retailer to satisfy his fishing supply needs.

Considering the scenerio, whereby Trent who is an avid fly fisherman got delivered his fishing supplies to him is example of home delivery retailer.

What is a retail?

In channel distribution, a retailer can be regarded as one that by goods from the wholesaler and resell to the final consumer.

In the above case, hip waders, special fishing rods, reels were supplied to Trent from a retailer who delivered it to him.

We can conclude that he ordered his service from a retailer.

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On January 1, 2019, Providence, Inc., Issues $1,000,000 of 10 percent, 5-year bonds at par value. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet On January 1, 2019, Providence, Inc., Issues $1,000,000 of 10 percent, 5-year bonds at par value. Note: Enter debits before credits Date General Journal Debit Credit Jan 01

Answers

Answer:

01-Jan-19

Dr Cash $1,000,000

Cr Bonds Payable $1,000,000

Explanation:

Preparation of the Journal entry for Providence, Inc

Based on the information given we were told that the company issues the amount of $1,000,000 of 10% which include 5-year bonds at par value on January 1, 2019, this means that the Journal entry will be recorded as:

01-Jan-19

Dr Cash $1,000,000

Cr Bonds Payable $1,000,000

(To record bonds at par value)

EarthShapers Inc., a manufacturer of heavy construction equipments based in U.S.A., maintains large sales and support operations overseas. Before sending new employees to its operations in Japan, it requires the employees to take courses in Japanese history and culture so that they can adjust more easily to living in Japan. This training focuses on the _____ component of international competence training.

Answers

Answer:

Cognitive.

Explanation:

In this scenario, EarthShapers Inc., a manufacturer of heavy construction equipments based in U.S.A., maintains large sales and support operations overseas. Before sending new employees to its operations in Japan, it requires the employees to take courses in Japanese history and culture so that they can adjust more easily to living in Japan. This training focuses on the cognitive component of international competence training.

Liam is willing to buy the last ticket to the avant premier of Star Wars for $15, while Alexander is willing to pay $20. Liam is first in line and buys a ticket for $15. Liam could sell his ticket to Alexander for $18, but he can't because of government regulation preventing the reselling of tickets. The regulation, then, is causing:

Answers

Answer:

Potential total surplus to increase.

Explanation:

As we know that:

Producer Surplus = Market value - Minimum price to sell

This means that for Liam:

Market value at which he can sell the ticket was $18 and the minimum price was $15

By putting values, we have:

Liam's surplus = $18 - $15 = $3

Now

Consumer Surplus = Consumer willing to Pay - Consumer Paid

For Alexander, the amount he was willing to pay was $20 and what he actually paid was $18 if the regulation hasn't intervened.

Alexander's surplus = $20 - $18 = $2

This means that the regulation prevents the increase in the potential total surplus and this has increased the dead weight loss of $5.

Allocating funds to promotion whereby the company determines its promotion objectives, outlines the tasks to accomplish these objectives, and determines the promotion cost of performing these tasks is referred to as

Answers

Answer: objective and task budgeting

Explanation:

Objective and task budgeting is a method used whereby the marketer decides the objective that will need to be accomplished and the necessary tasks that are required to to achieve such objectives.

This csn consist of the allocation of funds to promotion whereby the company determines its promotion objectives, outlining the tasks to accomplish these objectives, and also determining the promotion cost of performing these tasks.

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