Homework Answers
| a |
| Asset exchange transaction |
| Establishment of petty cash fund increases one asset and decreases another asset. |
| b | |||||||
| Assets | Liabilities | Stockholders' Equity | Revenue | Expense | Net income | Cash flow | |
| Cash | Petty cash | ||||||
| -125 | 125 | ||||||
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Chen Company established a $125 petty cash fund on January 1, Year 1. Required a. Is...
Fresh Foods established a petty cash fund of $88 on January 2. On January 31, the...
Fresh Foods established a petty cash fund of $88 on January 2. On January 31, the fund contained cash of $8.80 and vouchers for the following cash payments: Maintenance expense $ 26.40 Office supplies 35.20 Transportation expense 17.60 The four distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses including any amount of cash short or over and (4) replenishment of the...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclosed $13 in currency and coins, vouchers authoriz- ing meal allowances totaling $120, vouchers authorizing purchase of postage stamps of $21, and vouchers for payment of delivery charges of $93. Required a. Prepare all general journal entries...
Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written...
Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model like the following one: (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NA to indicate the element is not affected by...
Pitney Co. purchased an office building, land, and furniture for $699,700 cash. The appraised value of...
Pitney Co. purchased an office building, land, and furniture for $699,700 cash. The appraised value of the assets was as follows: Land Building Furniture Total $ 86,203 297,792 399,669 $783,664 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by...
28. Towle Company established a petty cash fund for $500 on January 1,2016.Ahe en o the...
28. Towle Company established a petty cash fund for $500 on January 1,2016.Ahe en o the month, the petty cash fund contained cash of $238.60 and vouchers for the following cash payments: freight on goods shipped to customers, $67.00; postage, $75.00; miscellancous expense, $79.22; entertainment expense, $36.00. Three distinct events affected the petty cash fund during January 1. establishment of the fund; 2. making payments for various items from the fund, and 3. recognizing expenses and replenishing the fund at...
Han's Supplies' bank statement contained a $410 NSF check that one of its customers had written...
Han's Supplies' bank statement contained a $410 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check. (c) Customer redeems the check by giving Hans $430 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. In the Cash Flow column, use OA to...
Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of...
Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: for Services to be perform es for cash of $66.000 3. Purchased $1500 1. Accepted $17,600 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,500 of office supplies on account. 4. Paid $1,350 of the amount due on accounts payable. 5. Paid...
1 Han's Supplies' bank statement contained a $270 NSF check that one of its customers had...
1 Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $290 cash in exchange for the bad check. The additional $ was a service fee charged by Hans. In the Cash Flow column, use OA...
1. A petty cash fund of $175 was established on April 1. Year 1. 2. Employees...
1. A petty cash fund of $175 was established on April 1. Year 1. 2. Employees were reimbursed when they presented petty cash vouchers to the petty cash custodian. 3. On April 30, Year 1, the petty cash fund contained vouchers totaling $152.78 plus $23.12 of currency. Required Answer the following questions: a. How did the establishment of the petty cash fund affect (increase, decrease, or have no effect on) total assets? Increase Decrease No effect b. What is the...
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $8,800 salvage value. At the beginning of the third year of use, the company spent an additional $7,640 related to the equipment. Th
Sellers Construction Company purchased a compressor for $115,200 cash. It had an estimated useful life of four years and a $8,800 salvage value. At the beginning of the third year of use, the company spent an additional $7,640 related to the equipment. The company’s financial condition just prior to this expenditure is shown in the following statements model: Assets=EquityRev.−Exp.=Net Inc.Cash FlowCash+Book Value of Compressor=Com. Stk.+Ret. Earn.11,360+62,000=23,800+49,560NA−NA=NANA RequiredRecord the $7,640 expenditure in the statements model under each of the following independent assumptions: (In the Cash Flow...
Problem 6-24B Petty cash fund The following data pertain to the petty cash fund of Marsh Company: 1. The petty cash fund was established on an imprest basis at $250 on March 1. 2. On March 31, a physical count of the fund disclosed $13 in currency and coins, vouchers authoriz- ing meal allowances totaling $120, vouchers authorizing purchase of postage stamps of $21, and vouchers for payment of delivery charges of $93. Required a. Prepare all general journal entries...
Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model like the following one: (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NA to indicate the element is not affected by...
Pitney Co. purchased an office building, land, and furniture for $699,700 cash. The appraised value of the assets was as follows: Land Building Furniture Total $ 86,203 297,792 399,669 $783,664 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by...
28. Towle Company established a petty cash fund for $500 on January 1,2016.Ahe en o the month, the petty cash fund contained cash of $238.60 and vouchers for the following cash payments: freight on goods shipped to customers, $67.00; postage, $75.00; miscellancous expense, $79.22; entertainment expense, $36.00. Three distinct events affected the petty cash fund during January 1. establishment of the fund; 2. making payments for various items from the fund, and 3. recognizing expenses and replenishing the fund at...
Han's Supplies' bank statement contained a $410 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check. (c) Customer redeems the check by giving Hans $430 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. In the Cash Flow column, use OA to...
Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: for Services to be perform es for cash of $66.000 3. Purchased $1500 1. Accepted $17,600 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,500 of office supplies on account. 4. Paid $1,350 of the amount due on accounts payable. 5. Paid...
1 Han's Supplies' bank statement contained a $270 NSF check that one of its customers had written to pay for supplies purchased. Required a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $290 cash in exchange for the bad check. The additional $ was a service fee charged by Hans. In the Cash Flow column, use OA...
1. A petty cash fund of $175 was established on April 1. Year 1. 2. Employees were reimbursed when they presented petty cash vouchers to the petty cash custodian. 3. On April 30, Year 1, the petty cash fund contained vouchers totaling $152.78 plus $23.12 of currency. Required Answer the following questions: a. How did the establishment of the petty cash fund affect (increase, decrease, or have no effect on) total assets? Increase Decrease No effect b. What is the...
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