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EcoMart establishes a $1,050 petty cash fund on May 2. On May 30, the fund shows $326 in cash along with receipts for the following expenditures: transportation-in, $120; postage expenses, $369; and miscellaneous expenses, $240. The petty cashier could not account for a $5 overage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Problem 1: Prepare the (1) May 2 entry to establish the fund, (2) May 30 entry to reimburse the fund [Hint: Credit Cash Over and Short for $5 and credit Cash for $724], and (3) June 1 entry to increase the fund to $1,200.
Describe the internal controls that you would recommend to BunnyCute to manage the risks associated with the receivables ledger under the headings
15,000 shares of 5 percent preferred stock outstanding currently selling for $93 per share. What is the cost of your preferred stock?
Calculate the number of pennants started in the Cutting Department during September. Calculate the equivalent units of production for the Cutting Department for September.
There are several approaches that may be used to develop the budget. Managers typically prefer an approach known as participative budgeting. Discuss this form of budgeting and identify its advantages and disadvantages.
In light of the business scandals of the last few years, does the AICPA's Code of Professional Conduct work? What is the area of greatest concern?
How does managerial accounting assist managers with fulfilling their primary responsibilities of planning, directing, and controlling?
Suppose, to be concrete that the premium on the call you buy is the same as the premium on the put you sell, and both have the same strikes and times to expiration. What can you say about the strike price? What term best describes the position you ..
Southern Exposure Ltd. begins operations on January 2, 2016. Prepare shareholders' equity section of the statement of financial position as at December 31, 2016
Osborn Company allocates interest and unamortized discount or premium on the effective interest basis. Prepare the journal entry at the date of bond issuance
Chief Financial Officer Questions: Using the results of your spreadsheet, what questions would you ask the CFO of Bridgford Foods? Explain.
Kelly issues $315,000 of 4%, 15 year bonds dated january 1, 2009, that pay interest semiannually on june 30 and december 31. They are issued at 253,263, and their market rate is 6% at the issue date.
Which form of invested capital is subject to most of the firm's business and financial risk? intellectual capital. / borrowed capital
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