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Problem - Petty cash fund with a shortage
Waupaca Company establishes a $300 petty cash fund on September 9. On September 30, the fund shows $75 in cash along with receipts for the following expenditures: transportation-in, $47; postage expenses, $55; and miscellaneous expenses, $112. The petty cashier could not account for a $11 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 $370.
Agnus died in 2013. Her gross? estate, which totaled $5.5 million, included a $100,000 life insurance policy on her life that she gave away in 2011.
Explain the process and methods used to account for partnership formation. How do these methods impact the firm's balance sheet?
Wasserman Corporation issued 10-year bonds on January 1, 2011. Prepare the December 31, 2011, entry to record 2011 bond issue cost amortization
Work-in-Process Inventory account: Contained charges for overhead of $875,000. Determine the actual manufacturing overhead for the year
What are the total taxable FUTA wages for the year? What would these FUTA taxable wages have been if I earned $100,000 less for the year
Explain how the use of an activity-based costing system could change the results of the budget, if utilized. (approximately 1 page)
Preston Concrete is a major supplier of concrete. If Preston accepted the offer, what would the profit or loss have been (enter a loss as a negative number)?
The credit manager of Gary prepared an aging schedule of accounts receivable and estimates that $4,800 will prove to be uncollectible.
Prepare Ensinada's purchases budgets for wax and die for each month of the second quarter and the total for the second quarter of 2010
Discuss the costs and benefits of the ethical environment. If a poor ethical environment results in costs to an organization, what are they? Conversely, what are the benefits of a good ethical environment?
1.orange company manufactures calculators. during the month 25000 of raw materials were purchased and the warehouse
Explain what each of the calculated variances imply about the firms operations
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