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Question - Petty cash fund with a shortage
Waupaca Company establishes a $400 petty cash fund on September 9. On September 30, the fund shows $127 in cash along with receipts for the following expenditures: transportation-in, $55; postage expenses, $61; and miscellaneous expenses, $150. The petty cashier could not account for a $7 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory.
Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $440.
You transferred surplus cash out of the bank account to an investment account. Record this movement in a journal entry
The Reasonably Foreseeable User rule states that an accountant is held liable to any foreseeable users of the clients financial statements.
Whirlwind Cycles is owned 100% by Daniel, a single taxpayer. Both Whirlwind Cycles and Daniel use the cash method of accounting for tax purposes.
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materials are added at the beginning of a process in a process costing system. the beginning wip inventory was 30
Name the titles of the financial reports in theIntel Corp. annual report that provide specific information about economic resources.
a local bakery main street bakery produces and sells to a national grocery chain five varieties of pastry muffin tops
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Estimated warranty liability, assuming warranty costs are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the UCLA Bank note.)
Sunland Corporation having recently issued a $23.5 million, 10-year bond issue, Compute the fund balance at the end of the 10 years
Using the straight-line method, calculate the amount of prior service cost to be amortized to pension expense in each of the next 10 years
After evaluating Zero Company's manufacturing process, management decides to establish standards of 1.5 hours of direct labor per unit of product.
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