Answers
Lateralization occurs in species other than human beings, suggesting that it may provide some advantages for survival. This statement is true.
What is Lateralization?
The term "lateralization of brain and behavior" describes how the cerebral hemispheres differentially regulate behavior. Asymmetry or specialization of the brain's hemispheres is another name for it. It frequently manifests at the behavioral level as side biases for motor output, perception, and information processing. It has lately been evident that lateralization is a fundamental aspect of the organization of the brain and behavior in vertebrates, contrary to long-held belief that lateralization is specific to humans. Animal models give researchers the chance to conduct experimental research on the origins and effects of lateralization while also opening up novel and fascinating insights for understanding function and evolution.
Brain lateralization frequently has an impact on nonverbal social skills as well. The processing of pragmatic language, prosody, and intonation, as well as the capacity to interpret facial cues and body language and to modify behavior in response to these cues, are all specifically handled by the right hemisphere.
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Related Questions
An investment banking firm upgraded Skechers, saying it could rise 40%. What do you think, buy, short, stay away? why?
Answers
Answer: Buy
Explanation: Because i have been listening to rich dad poor dad and skechers is a big brand and all that but it will get you your money back and the money will work for you ... sorry if i'm wrong
You manage a small women’s clothing store and need to hire an assistant manager. How would you recruit and select the most effective candidate?
Answers
Recruiting and selecting an assistant manager for a small women's clothing store requires a thoughtful and strategic approach.
Here are some steps that can be taken to attract and hire the most effective candidate:
Define the job role: Clearly define the job role and responsibilities of the assistant manager. This will help in identifying the required skills, qualifications, and experience necessary for the role.
Create a job description: Based on the defined job role, create a comprehensive job description that highlights the job responsibilities, required skills, qualifications, and experience. The job description should also outline the compensation package, work schedule, and other benefits.
Advertise the job opening: Advertise the job opening in relevant channels such as online job portals, local newspapers, industry-specific publications, and social media. You may also consider reaching out to your network and asking for referrals.
Screen resumes: Review resumes and cover letters to shortlist candidates who meet the minimum requirements for the role.
Conduct initial interviews: Conduct initial interviews to further screen the candidates and assess their communication skills, experience, and qualifications. Use behavioral interview questions to understand their past performance and behavior in similar roles.
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Which of these is not an example of good practice when differentiating phonological awareness instruction?
a.
Increasing the intensity of instruction by teaching in smaller group sizes.
b.
Expecting all children to be able to produce rhyming words at the same time of the year.
c.
Increasing the intensity of instruction by giving individual children more opportunities to respond.
d.
Supporting children's understanding of an activity by using visual supports.
Answers
The option that is not an example of good practice when differentiating phonological awareness instruction is (b) Expecting all children to be able to produce rhyming words at the same time of the year.
What is good practice?Recognizing that children learn at various speeds and have varied degrees of preparedness is a key component of good practice in differentiating phonological awareness training. It is unrealistic to anticipate that all kids will develop at the same rate.
Each child's unique requirements and talents are taken into account while differentiating instruction. Therefore, it is inconsistent with the ideas of differentiation to expect all kids to be able to come up with rhymes at the same time of the year.
Therefore the correct option is b.
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PLEASE HELP
Assuming all other factors are the same, which statement about the cost of
loans is correct?
A. A loan with simple interest will cost more than a loan with
compound interest.
B. A loan with simple interest and a loan with compound interest will
cost the same.
C. Interest compounded daily will cost more than interest
compounded monthly.
D. Interest compounded annually will cost more than interest
compounded quarterly.
SUBMIT
Answers
Answer:
=> C. Interest compounded daily will cost more than interest compounded monthly.The proper answer is Daily interest compounding is more expensive than monthly interest compounding. So, the best choice is (C).
What is interest?In the fields of finance and economics, interest is the payment made at a set rate by a borrower or deposit-taking financial institution to a lender or depositor in excess of the principal amount (the amount borrowed).
It is not the same as a fee that the borrower might pay to the lender or another entity. It also differs from a dividend, which is money given to shareholders (owners) by a company from its profit or reserve, but not at a set rate predetermined in advance, but rather on a pro rata basis as a share of the reward received by risk-taking businesspeople when revenue is earned that exceeds all costs.
Hence, option (C) is accurate.
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When a company issues 37,000 shares of par value common stock for $10 per share, the journal entry for this issuance would include
Answers
Explanation:
Given a par value of $ 1 , and an issue price of $ 10 , the shares were issued at a premium of ( 10 -1 = ) $ 9 . Therefore , the journal entry are as follows . Debit Cash Account ( 37,000 * $ 10 ) = $ 370,000 Credit Common Stock Account ( 37,000 * $ 1 ) = $ 37,000 Credit Share Premium Account ( 37,000 * $ 9 ) = $ 333,000 .
I search it.
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax’s sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $400,000. During 2021, Halifax sold merchandise on account for $12,500,000. Halifax merchandise costs it 70% of merchandise selling price. Also during the year, customers returned $613,000 in sales for credit, with $338,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. A) Prepare the entry to record the merchandise returns and the year-end adjusting entry for estimated returns. Note: Record the estimated returns at net amounts. B) What is the amount of the year-end allowance for sales returns after the adjusting entry is recorded?
Answers
A)To record the merchandise returns: Sales Returns and Allowances $613,000 Accounts Receivable $613,000 To record the year-end adjusting entry for estimated returns:
Estimated Sales Returns and Allowances $625,000Allowance for Sales Returns and Allowances $625,000 The estimated sales returns and allowances of $625,000 is calculated as follows: Sales = $12,500,000 Estimated returns (5% of sales) = $625,000 Since $338,000 of the returns were for merchandise sold prior to 2021, we need to subtract this amount from the total returns to determine the amount of returns for merchandise sold during 2021: Returns for merchandise sold during 2021 = $613,000 - $338,000 = $275,000 The net amount of the estimated returns is calculated as follows: Estimated returns = $625,000 Less: Returns for merchandise sold prior to 2021 = $338,000 Net estimated returns for merchandise sold during 2021 = $287,000 The adjusting entry is recorded for the net estimated returns of $287,000. B) The year-end allowance for sales returns after the adjusting entry is recorded is calculated as follows: Refund liability at the beginning of the year = $400,000 Add: Returns for merchandise sold during 2021 = $275,000 Subtract: Net estimated returns for merchandise sold during 2021 = $287,000 Year-end allowance for sales returns = $388,000 Therefore, the year-end allowance for sales returns after the adjusting entry is recorded is $388,000.
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Assuming that all other factors remain unchanged, determine how a firm’s breakeven point is affected by each of the following developments: a. The firm finds it necessary to reduce the price per unit because of competitive conditions in the market. b. The firm’s direct labor costs increase as a result of a new labor contract. c. The Occupational Safety and Health Administration requires the firm to install new ventilating equipment in its plant. (Assume that this action has no effect on worker productivity.)
Answers
Answer:
a. Increases
b. Increase
c. Increase
Explanation:
a. If the firm reduces the price at which they sell their product, it would mean that less revenue will come in. As the breakeven point refers to the point where Revenues are equal to expenses, that point will have to increase because more products will have to be sold to make enough revenue to match the expenses.
b. The breakeven point as earlier mentioned is the point where Revenue equals expenses. If the expenses rise then the company would need to sell more products in order to make more revenues to enable it match the expenses. Breakeven point will therefore rise.
c. With new ventilating equipment being installed, it means that the machine will have to be depreciated every period. This is a fixed expense which will increase total expenses. More revenue will be needed to get to the breakeven point which means that the breakeven point will increase.
You want to start a Business, but you are unaware about the Business risk. Analyze the factors that cause Business risks.
Answers
Answer:
Business risks can be caused by a variety of factors, including economic conditions, market fluctuations, regulatory changes, and natural disasters. It's important to understand these risks before starting a business so that you can take appropriate measures to mitigate them.
Explanation:
The business , u gotta pay the workers
Question Content Area A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was a.$190,000 b.$222,000 c.$218,000 d.$226,000
Answers
Based on the direct materials to the company, the direct labor cost, and the factory overhead, the cost of goods manufactured can be found to be c.$218,000
How to find the cost of goods manufactured?The cost of goods manufactured relates to the cost that a company incurs in order to be able to produce the goods and services. They include only those expenses that were incurred at the site of production such as the direct materials, the direct labor, and the factory overhead.
The cost of goods manufactured can be found by the formula:
= Total cost of manufacturing + Beginning work in process - Ending work in process
Total cost of manufacturing is:
= Direct materials + Direct labor + Factory overhead
= 35,000 + 73,000 + 114,000
= $222,000
This means that the cost of goods manufactured is:
= 222,000 + 28,000 - 32,000
= $218,000
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In which phase of the records life cycle
are
indexing and coding most important?
Answers
Answer:
H
Explanation:
If the interest rate is 5%, what is the present value of a security that pays you $1,050 next year and $1,102.50 two years from now? If this security sold for $2,200, is the yield to maturity greater or less than 5%? Why?
Answers
Answer:
2000
iT IS LESS THAN 5%. It is -1.43%
Explanation:
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow in year 1 = 1050
Cash flow in year 2 = 1102.50
pv = 2000
IRR is the same as YTM
Cash flow in year 0 = $-2,200
Cash flow in year 1 = 1050
Cash flow in year 2 = 1102.50
IRR = -1.43
To find the NPV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
What is the purpose of consumer-advocacy groups?
to enforce consumer-protection regulations
to lobby the government for lower taxes
to promote the interest of consumers
to provide essential social services
Answers
To promote the interest of consumers is the purpose of consumer-advocacy groups. Actions performed by people or organizations to advance and defend the interests of the buying public are referred to as consumer advocacy.
Most countries have implemented legislation to safeguard customers against unsafe or subpar craftsmanship, dishonest sales tactics, and deceptive advertising. Consumer advocacy, movements, or laws that protect consumers' interests by regulating the goods, services, practices, and expectations of producers, merchants, and advertising.
Protecting the interests of the consumer or buyer is the goal of consumer advocacy groups. These organizations use a variety of tactics to expose companies that engage in unfair business practices or sell dangerous goods. These tactics include litigation, letter-writing campaigns, boycotts, and public relations. The Consumer Federation of America, which has 220 member groups, is the biggest consumer advocacy organisation in the United States.
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what does journalism have you do
Answers
Answer:
yas
Explanation:
1. What is productivity? What is the difference between production and productivity?
(1 point)
Answers
Answer:
production is when you create things. productivity is how well the product works, or how well it performs.
plz give brainliest
Answer:
Production is defined as the process of producing goods from raw materials. On the other hand, productivity is defined as the process of producing goods and services efficiently.
Apart from a job search, a also helps in job advancement.
Answers
Apart from a job search, a job portfolio also helps in job advancement.
What is a job portfolio ?A job portfolio is a collection of documents and materials that demonstrate your skills, achievements, and experiences in your field of work. It can include items such as your resume, letters of recommendation, examples of your work, certificates and awards, and other relevant documents.
Having a well-organized and comprehensive job portfolio can help you stand out from other candidates when applying for promotions or new job opportunities. It can provide evidence of your abilities and accomplishments, and demonstrate to potential employers that you are a qualified and capable professional. Additionally, a job portfolio can help you to keep track of your career progress and achievements, and provide a reference for your own personal and professional development.
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When you are applying for a job, it’s fine to post this kind of personal information on websites? A) Your personal security number B)Your personal opinions and photographs C) A summary of your skills and experience D) All of the above
Answers
Answer:
C
Explanation:
you don't want to do A or b so with that it can't be D
the accountant at sheridan company has determined that income before income taxes amounted to 7800 using the fifo costing assumption if the income tax rate is 20% and the amount of income taxess paid would be 300 greater if the lifo asusmptions were used what would be the ammount of income before taxes under the lifo assumption
Answers
The accountant at Sheridan company has determined that income before income taxes amounted to 7800 using the FIFO costing assumption if the income tax rate is 20% and the amount of income taxes paid would be 300 greater if the LIFO assumptions were used. The amount of income before taxes under the LIFO assumption would be $9300
First-in, first-out, or FIFO. Last-in, first-out, or LIFO. These techniques are employed in inventory accounting. It has an impact on the sum that appears in the income statement's cost of goods sold section. While LIFO costing is utilized for tax accounting to reduce tax liabilities, FIFO costing is used to maximize income values in financial statements.
The amount of income before taxes under the LIFO assumption can be calculate as follows:
Income before income taxes : $7800
Income tax rate: 20%
Income tax paid under LIFO costing: $300
So, Income tax amount, FIFO = $7800 × 20% = $1,560
So, Tax amount, LIFO = $1,560 + $300 = $1,860
The income before taxes can be calculate by using following method,
Income before taxes, LIFO = $1,860 ÷ 20%
= $9300
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fill in the blank. ___ is the process by which representatives of a union meet with representatives of management to negotiate a contract for workers. group of answer choices mediation collective bargaining mutual conciliation arbitration
Answers
Collective bargaining is the process in which working people, through their unions, negotiate contracts with their employers to determine their terms of employment, including pay.
Collective bargaining benefits, hours, leave, job health and safety policies, ways to balance work and family, and more.Collective negotiation is classified into five types: composite negotiating, concessionary bargaining, distributive bargaining, integrative bargaining, and productivity bargaining. Convertible preferred rates are greater than non-convertible preferred yields. A non-convertible preferred shareholder receives a set rate of return with no opportunity for expansion. Important Takeaways. Convertible preferred stock can be converted into common stock at a predetermined conversion ratio. When the market price of the company's common stock increases above the conversion price, preferred stockholders may find it desirable to convert and earn an instant profit. Distributive negotiation, integrative negotiation, team negotiation, and multiparty negotiation are some of the most popular.
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1. A requested task is subject to be reported when:
Requesting for a screenshot
When it is asking for 3 proofs
When it requests for email address to be submitted
The task requested promote violent and/or illegal activities
Answers
A requested task is subject to be reported when it promotes violent and/or illegal activities. This ensures that any content or actions that pose a threat or violate the law are appropriately addressed and handled. Reporting such tasks helps maintain a safe and secure environment for users and prevents the dissemination of harmful or unlawful content.
Promoting violent and/or illegal activities goes against community guidelines and ethical standards. By reporting such tasks, users can play an active role in upholding the rules and regulations of the platform or community they are a part of. Reporting serves as a mechanism for users to flag content or requests that could potentially harm individuals or society as a whole.
Requesting for a screenshot, asking for three proofs, or requesting an email address submission, on their own, may not necessarily warrant a report. These actions typically serve functional or practical purposes in various contexts. However, it is essential to assess the overall intent and impact of a requested task to determine whether it aligns with ethical standards and legal requirements. If a task requests actions that are potentially harmful or against the rules, it should be reported to the appropriate authorities or platform administrators for further investigation and appropriate action.
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The lowest amount a manufacturer can pay factory workers is an example of
an incentive.
a price floor.
a price ceiling.
an elastic service.
Answers
Answer:
The answer to this question is given below in the explanation section.
Explanation:
The correct answer to this question is the price floor.
The Price floor is the lowest amount that is imposed by the government or group-imposed lowest price limit for a product or service. The government uses the price floor to keep prices at a certain level from going to low. So price floors for workers set by the government that the employer should not pay less than the set amount.
while other options are not correct because::
The price ceiling is the high amount set by the government or the by other groups for a product or service.
An incentive is an amount or something that can be given to employees or someone for motivation or encouraging them to do something.
An elastic service is given by amazon to develop and run the application with different tools etc.
Answer:price floor
Explanation:
Andrea would like to organize SHO as either an LLC (taxed as a sole proprietorship) or a C corporation. In either form, the entity is expected to generate an 11 percent annual before-tax return on a $200,000 investment. Andrea’s marginal income tax rate is 35 percent and her tax rate on dividends and capital gains is 15 percent. Andrea will also pay a 3.8 percent net investment income tax on dividends and capital gains she recognizes. If Andrea organizes SHO as an LLC, Andrea will be required to pay an additional 2.9 percent for self-employment tax and an additional 0.9 percent for the additional Medicare tax. Further, she is eligible to claim the deduction for qualified business income. Assume that SHO will pay out all of its after-tax earnings every year as a dividend if it is formed as a C corporation. a. How much cash after taxes would Andrea receive from her investment in the first year if SHO is organized as either an LLC or a C corporation? (Round intermediate calculations and your final answers to the nearest whole dollar.)
Answers
Answer: The answer is given below
Explanation:
After-tax return is the percentage on an investment's return after tax expense has been deducted from the return that is earned.
The following can be derived from the information given in the question:
• SHO is a LLC
Gross return = 200,000 X 11%
= 200,000 × 0.11
= 22,000
Marginal tax at 35% = 22,000 X 35%
= 22000 × 0.35
= 7,700
Return before dividend tax:
= 22000 - 7700
= 14,300
Self employment tax at 2.9%:
= 14,300 X 2.9%
= 14300 × 0.029
= 414.7
Medicare tax at 0.9%
= 14,300 X 0.9%
= 128.7
Cash return after tax:
= 14300 - 414.7 - 128.7
= $13756.6
• SHO is a C corporation:
Gross return = 200,000 X 11%
= 200,000 × 0.11
= 22,000
Marginal tax at 35% = 22,000 X 35%
= 22,000 × 0.35
= 7,700
Return before dividend tax:
= Gross return - Marginal tax
= 22000 - 7700
= 14300
Dividend tax = 14,300 X 15%
= 14,300 × 0.15
= 2,145
Cash Return after tax:
= 14300 - 2145
= $12,155
Is it possible to incorporate investment and speculation within the same security explain?
Answers
It is not possible to combine both of them. This is a great investment strategy. Generally, speculation is defined as someone predicting that the value of something will rise.
They would then commit a larger sum of money on a single transaction, hoping that it would be beneficial.
Investors increase their wealth in a methodical manner, purchasing assets with tolerable levels of risk in exchange for long-term gain.
Speculators, on the other hand, purchase assets that may increase rapidly but may potentially lose their entire worth if they fall out of favor.
Market players include both investors and speculators.
The goal of investment and speculation is to make money.
Nonetheless, they differ greatly in terms of risk tolerance, expected rewards, and decision foundation types of funds used, etc.
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Isn't POWER the only real thing necessary in any negotiation? Explain why or why not.
Answers
Power is not necessary the only major bargaining point in any negotiation although it is one of the major factors that influence any negotiation.
While power increases the probability that people consider negotiating in the first place due to higher feelings of entitlement and confidence that a positive result can be achieved, it sometimes may not get the appropriate result. The Russian-Ukraine Crises is a perfect example of this
Factors that affect NegotiationSeveral factors may affect the outcome of a negotiation. One of the most important factor is the relative power between the negotiating parties.
Other factors include
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Hill Industries had sales in 2019 of $7,600,000 and gross profit of $1,199,000. Management is considering two alternative budget plans to increase its gross profit in 2020. Plan A would increase the selling price per unit from $8.00 to $8.40. Sales volume would decrease by 10% from its 2019 level. Plan B would decrease the selling price per unit by $0.50. The marketing department expects that the sales volume would increase by 107,000 units. At the end of 2019, Hill has 48,000 units of inventory on hand. If Plan A is accepted, the 2020 ending inventory should be equal to 5% of the 2020 sales. If Plan B is accepted, the ending inventory should be equal to 64,000 units. Each unit produced will cost $1.80 in direct labor, $1.40 in direct materials, and $1.20 in variable overhead. The fixed overhead for 2020 should be $1,767,480.
Prepare a sales budget for 2020 under each plan.
Answers
Answer:
Plan A:
Sales in units= 855,000
Sales revenue= $7,182,000
Plan B:
Sales in units= 1,057,000
Sales revenue= $7,927,500
Explanation:
Giving the following information:
Hill Industries had sales in 2019 of $7,600,000
Plan A:
Selling price= $8.4
Sales= 10% lower
Plan B:
Selling price= $7.5
Sales= 107,000 units higher
First, we need to determine the number of units sold in 2019:
Units sold= 7,600,000/8= 950,000 units
Plan A:
Sales in units= 950,000*0.9= 855,000
Sales revenue= 855,000*8.4= $7,182,000
Plan B:
Sales in units= 950,000 + 107,000= 1,057,000
Sales revenue= 1,057,000*7.5= $7,927,500
At what percentage of credit card usage, does it start affecting your score in a negative way?
Answers
Answer:
3%
Explanation:
ratio of 80 or 90 percent or more highly negative impact on your credit score.
what are the challenges associated with not being ‘tech savvy’ in 2023?
Answers
As the world keeps advancing technologically, being tech-savvy becomes increasingly important. However, not being tech-savvy in 2023 may pose a lot of challenges. Some of these challenges are :Job Market, Learning,Communication,Security.
Job Market: In 2023, there will be more tech-based jobs than there currently are. Being not tech-savvy would make it difficult for an individual to secure employment in such sectors. This means that those who are not tech-savvy would be limited to jobs that require no technical skills.Learning: Due to the increased importance of technology, those who are not tech-savvy would find it challenging to learn new things. This means that they would be unable to benefit from new technology, apps, and software that are released in the market. They may also face difficulties while navigating technology-based environments.Communication: In 2023, communication will be more technology-driven than ever before. Those who are not tech-savvy may find it challenging to communicate with others effectively. This may lead to miscommunication and misunderstandings which could impact personal and professional relationships.Security: Cybersecurity is a significant concern in today's world. Not being tech-savvy could make it difficult for an individual to secure their information, devices, and accounts. This could lead to loss of data, identity theft, and other forms of cybercrime.In conclusion, being tech-savvy in 2023 is essential to success, as the world will be driven by technology. Those who do not embrace technology may find themselves limited in terms of employment opportunities, communication, and personal security.
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Linda Williams is the new owner of Linda’s Computer Services. At the end of July 2022, her first month of ownership, Linda is trying to prepare monthly financial statements. She has the following information for the month.
1. At July 31, Linda owed employees $1,950 in salaries that the company will pay in August.
2. On July 1, Linda borrowed $18,000 from a local bank on a 12-year note. The annual interest rate is 10%.
3. Service revenue unrecorded in July totaled $1,600.
Prepare the adjusting entries needed at July 31, 2022. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answers
Answer and Explanation:
The Journal entries are shown below:-
1. Salaries expenses Dr, $1,950
To Salary payable $1,950
(Being salaries expense is recorded)
2. Interest expense Dr, $150
To Interest payable $150
(Being interest expense is recorded)
3. Accounts receivable Dr, $1,600
To Service revenue $1,600
(Being sales revenue is recorded)
The price elasticity of supply reflects the flexibility of firms to increase or decrease the quantity supplied.
Which of the following does NOT increase flexibility?
Answers
So far in this chapter, all of the elasticity metrics have been related to the demand side of the market. Knowing how sensitive the amount given is to a change in pricing is also helpful.
Let's say there is a surge in apartment demand. There will be a dearth of flats available at the previous level of rent, which will put pressure on rents to increase. With all other factors remaining constant, the lower the rise in rent necessary to address the shortfall and restore market equilibrium, the more sensitive the supply of available flats is to changes in monthly rates. In contrast, price would need to climb more if quantity provided is less responsive to price changes, resulting in a shortage brought on by a spike in demand.
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Nakashima Gallery had the following petty cash transactions in February of the current year.
Feb.
2 Wrote a $400 check, cashed it, and gave the proceeds and the petty cashbox to Chloe Addison, the petty cashier.
5 Purchased bond paper for the copier for $14.15 that is immediately used.
9 Paid $32.50 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Nakashima uses the perpetual system to account for merchandise inventory.
12 Paid $7.95 postage to express mail a contract to a client.
14 Reimbursed Adina Sharon, the manager, $68 for business mileage on her car.
20 Purchased stationery for $67.77 that is immediately used.
23 Paid a courier $20 to deliver merchandise sold to a customer, terms FOB destination.
25 Paid $13.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.
27 Paid $54 for postage expenses.
28 The fund had $120.42 remaining in the petty cash box. Sorted the petty cash receipts by accounts affected and exchanged them for a check to reimburse the fund for expenditures.
28 The petty cash fund amount is increased by $100 to a total of $500.
Required:
1. Prepare the journal entry to establish the petty cash fund.
2. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise inventory (for transportation-in), and office supplies expense. Sort the payments into the appropriate categories and total the expenditures in each category. (Round your answers to 2 decimal places.)
3. Prepare the journal entries for part 2 to both (a) reimburse and (b) increase the fund amount. (Roundyour answers to 2 decimal places.)
Answers
Answer:
(‘1)
Date Account Details Debit Credit
Feb 2 Petty Cash 400
Cash 400
Petty cash fund established
(‘2) Nakashima Gallery - Petty Cash Reconciliation Report for the month of February
Custodian Name- Chole Addison
Date Expense Description Amount ($)
Feb 5 Office Supplies Bond paper for copier 14.15
Feb 9 Merchandise Inventory Shipping charges as per
FOB shipping point term 32.50
Feb 12 Postage Expense Paid towards express mail for
communication with client 7.95
Feb 14 Mileage Expense Paid to Adina Sharon for
reimbursement of mileage expense 68
Feb 20 Office Supplies Stationery purchased 67.77
Feb 23 Delivery Expense Courier charges paid as per
FOB destination term for sale of merchandise 20
Feb 25 Merchandise Inventory Shipping charges as per
FOB shipping point term 13.10
Feb 27 Postage expense Postage expenses paid 54
Total Receipts to be reimbursed (a) 277.47
Total Cash on Hand 120.42
Total Cash and Receipts 397.89
Cash Short ( 400-397.89) (b) 2.11
Total to be replenished (a+b) 279.58
Please issue a cheque in the amount of $ 279.58 payable to petty cash custodians.
Sorting of Expense
Expense Amount
Delivery Expense 20
Merchandise Inventory 45.60
Mileage Expense 68
Office Supplies 81.92
Postage 61.95
Total 277.47
(‘3)
Date Account Details Debit Credit
Feb 28 Delivery Expense 20
Merchandise Inventory 45.60
Mileage Expense 68
Office Supplies 81.92
Postage 61.95
Cash Short and Over 2.11
Cash 279.58
To record the replenish of petty cash
Feb 28 Petty Cash 100
Cash 100
To record the increase in petty cash level up to $ 500.
2 years is $24,234. Determine the present value amount, using the following partial table of present value of $1 at compound interest
Answers
The present value amount, given the principal and the partial table of the present value, will be $20,017.28
How to find the present value amount?The present value amount will be the current value of an amount that is denoted in future terms. To find this amount, you need to discount the future amount by a certain discount interest rate, and the number of periods into the future.
The interest rate here is 10% and the amount in 2 years is $24, 234.
Given the partial table of present value of $1 at compound interest, we known that the discount factor for 2 years at 10% is 0.826.
The present value of $24, 234 from two years in the future, in the present is:
= Future value amount x Present value factor for 2 years, 10 %
= 24, 234 x 0.826
= $20, 017.28
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