Question
1.Using a cash budget, say we save $100 for household items. Typically, we would withdraw $100 from the ATM, put it in an envelope, and
1.Using a cash budget, say we save $100 for household items. Typically, we would withdraw $100 from the ATM, put it in an envelope, and then later, go to home depot or walmart or wherever and buy an item for $20. Now I want to buy one item from Amazon.com (or anywhere online). What is the best way to handle this? Do I go re-deposit the cash? Do I leave money in my bank account in case I need to buy something online?
2.Let's say I own a business and I make 3 business-related purchases on my personal credit card in August. Given the following example expense report: - 08/01/2011 - $20 - Web Hosting - 08/05/2011 - $130 - Memory Cards for Camera - 08/20/2011 - $50 - Printer Ink How would these get recorded as journal entries if I wanted to be paid back for these expenses?
3.Is there a difference between managerial accounting and financial accounting
4.Fanning Air is a large airline company that pays a customer relations representative $10,000 per month. The representative, who processed 1,070 customer complaints in January and 1,350 complaints in February, is expected to process 24,000 customer complaints during 2018.
Determine the total cost of processing customer complaints in January and in February.
5.What was the gain/loss on disposal of the machine?
Francisco purchased a machine on January 1, 2012 for $600,000. Francisco estimated a useful life of 10 years and residual value of $10,000. The company uses straight-line depreciation. The machine was sold on December 31, 2014 for $350,000.
6.Calculate the trade discount for 60 boxes of computer paper if the unit price is $15.97 and a single trade discount rate of 15% is allowed.
7.If you earn 11% per year on your bank account, how long will it take an account with $110 to double to $220?
8.The operating activities section of the statement of cash flows shows a reconciliation of net income to the net cash provided by operating activities amount under the direct method. True or false.
9.Information about noncash investing and financing activities must be disclosed in a schedule that is separate from the statement of cash flows.
True or false.
10.beginning finished goods inventory is 90000 ending finished goods inventory is 63000 sales is 412000 gross margin is 62000. what is cost of goods manufactured?
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