TSMC Company establishes an imprest petty cash fund by issuing a check for $200 to Mary Mann‚ the custodian of the petty cash fund. On October 31‚ 2008‚ Mary Mann submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $55 cash in the fund: Freight-in $27 Office Supplies Expense 35 Entertainment of Clients 60 Postage Expense 20 Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment
Premium Generally Accepted Accounting Principles Accounts receivable Payment
Cash Control and Cash Budgets Budgeted Income Statement and Budgeted Balance Sheet What is a Budgeted Income Statement? An estimate of expected revenues and expenses for a business‚ over a specific time period i.e. 1 year‚ 1 month or a specific event. What is a Budgeted Balance Sheet? An estimate of a business ’s financial position (assets‚ liabilities and owners equity) which can be produced for both the start and end of a period of time (i.e. a year) or for a special event when preparing
Premium Balance sheet Inventory Generally Accepted Accounting Principles
I. INTRODUCTION Statement of Cash Flow (Cash Flow Statement) describes the changes in the cash position of a company during specific period of time. In business as in personal finance‚ cash flows are essential to solvency. Solvency can be described as the degree to which the current assets of an individual or entity exceed the current liabilities of that individual or entity. Cash flow is crucial to an entity’s survival. Having ample cash on hand will ensure that creditors‚ employees and others
Premium Cash flow statement Cash flow Generally Accepted Accounting Principles
Introduction of cash budgeting Cash budget is a inputs and outputs of a business or a individual over a long period of time (e-conomic‚ 2013). A cash budgeting is relate to a organisation’s plan to plan ahead and to plan ahead of the future in a company. It usually expressed it as numbers of cash budgeting. The main objective of preparing cash budget is to ensure that the cash is sufficient for the purpose of capital or revenues expenditure. It is also to have cash in advanced in the case of shortage
Premium Budget Management Budgets
THE CASH REGISTER The modern cash register or till is made up of 4-5 parts. A cash drawer: Is usually located under the register and holds cash and receipts from transactions. A manual input: A keyboard with the regular qwerty or a custom input pad and a number pad to manually enter barcodes. A scanner: A scanner can be handheld or stationary and is used to scan barcodes which are then added to your bill. A display screen: The screen shows you all the items that you have scanned and their
Premium Cash register Receipt
Cash Discount on Sales Cash discount is the discount offered by seller for paying cash early. Cash discount is only offered on credit sales where the customers do not pay at the time of sale but promise to pay latter. There are two methods of accounting for sales that offer cash discounts; the gross method and the net method. These two methods are explained with the help of the following example: Example Suppose Company A sells certain goods at a price of $4‚400 with terms of payment
Premium Sales Discounts and allowances Customer service
CHAPTER 2 CASH FLOWS AND FINANCIAL STATEMENTS AT SUNSET BOARDS Below are the financial statements that you are asked to prepare. 1. The income statement for each year will look like this: Income Statement 2008 2009 Sales $190‚119 $231‚840 Cost of goods sold 96‚952 122‚418 Selling & administrative 19‚067 24‚886 Depreciation 27‚370 30‚936 EBIT $46‚730 $53‚600 Interest 5‚950 6‚820 EBT $40‚780 $46‚780 Taxes (20%) 8‚156 9‚356 Net income $32‚624 $37‚424 Dividends
Premium Generally Accepted Accounting Principles Balance sheet Inventory
“Cash for Clunkers” Tina Darling Econ 101 Cash for Clunkers The government tries to implement programs to assist individuals in living a better life. In 2009 a program called Cash for Clunkers or CARS (Consumer Assistance to Recycle and Save Act) was created to help get older cars off of the road. This program allowed individuals to voluntarily trade in and purchase vehicles under this act. This program helps consumers pay for a new‚ more fuel efficient vehicles from participating dealers when
Premium Internal combustion engine Monetary policy Automobile
Making Connections 1. In “Werner”‚ Hoeflich is sharing very intimate and specific details about his experience. Beard Probably met Hoeflich on several occasions in order to gain his trust before he was able to collect some of the details that he included in his work. It most likely took Beard days of asking just the right questions to write “Werner.” In this piece‚ Werner is presented as both weak and strong. In the beginning of the story‚ he is completely caught off guard by the fire in
Premium A Story The Reader Behavior
Mathematical Connection Mathematics has had an incredible impact on technology as we know it today. Understanding this impact aids in understanding the history of how technology has developed so thoroughly and what significant events happened to facilitate such an advanced society. A better understanding can be derived by analyzing the historical background on the mathematicians‚ the time periods‚ and the contributions that affected their society and modern society as well as specific examples
Premium Gottfried Leibniz Computer Binary numeral system