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Blossom Company designated Alexa Kidd as petty cash custodian and established a petty cash fund of $402. The fund is reimbursed when the cash in the fund is at $57. Petty cash receipts shows that funds were disbursed for $174 of supplies and $165 of freight charges on inventory purchases. Blossom uses a perpetual inventory system.
Problem 1: Blossom follows the practice of recording the purchase of supplies to the asset account. Prepare journal entries for the establishment of the fund and the reimbursement.
Ben Bowman and Savannah Mapes formed a limited liability company with an operating agreement that provided a salary allowance of $89,000 and $71,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio ..
What is amount of net income during 2008, assuming that as of December 31, 2008, assets were $980,000, and liabilities were $255,000?
Many firms believe that it is very difficult to estimate the amount of a possible future contingency. Should a contingent liability be reported even when the dollar amount of the loss is not known? Should it be disclosed in the notes to financial sta..
Read the ethics reflection at the beginning of Chapter 1. It concerns the Penn State child abuse scandal. Consider the following questions and add your own observations to the analysis. What would you have done if you had been in Joe Paterno’s positi..
A machine was purchased for $28,000 and had an estimated scrap value of $4,000. What would the year-end entry be if the units of-production method was used, and it had an estimated life of 32,000 hours? In the first year of operation, it used 7,20..
computation of contribution per unit for various models.person company makes two types of backpacks. data for the
What political and social changes are currently on the horizon that will affect the cost of health care? What parties arre supporting these changes and who is opposing them?
A company would repurchase its own stock for all of the following reasons except it wishes to prevent unwanted/hostile takeover attempts
Using the balance sheet equation, show how each of the following six events would affect the balance sheet of Fernandez & Co. The sale of common stock to investors for $5 million in cash, the sale of a new bond issue to investors for $10 million cash..
Use the AASB Framework's definition and recognition criteria of assets to explain to Sandy why you have excluded employees from the financial statements.
Bonds usually sell at a price that is different from the bond's face value. When this happens, the bonds are sold at a discount or premium. Discuss the market forces that would cause a bond to sell at a price that is different from its face value.
Explain Each student is expected to take a public limited company ,give details about the company and work on the IND AS followed by that company in details.
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