# At the end of business on September 1, the total displayed on the cash register tape shows \$1,059 of cash sales for the day. However, when the clerk and the supervisor count the cash in the register, the count reveals that \$1,050 was actually collected from customers. Required:Write down the journal entry.

The journal entry is shown below:

Cash \$1,050

Cash short and over \$9

Sales revenue  \$1,059

(Being the cash collection is recorded)

Here we debited the cash as it increased the assets and credited the sales revenue as it also increased the revenue and the difference is debited to cash short and over

## Related Questions

If 7000 dollars is invested in a bank account at an interest rate of 6 per cent per year, find the amount in the bank after 14 years if interest is compounded annually

Therefore the amount in the bank after 14 years is \$15826.33 (approx).

Explanation:

Compound interest: The amount of the principal is not same all year.

The principal of first year = The initial amount principal

Second year principal = Principal+ interest of first year

Third year principal =  The principal of second year + interest of second year.

and so on....

The amount

Here principal = \$7000

r = rate of interest = 6% = 0.06

n = Time = 14 year

Amount =

=\$ 15826.33 (approx)

Therefore the amount in the bank after 14 years is \$15826.33 (approx)

The amount which the bank will pay after 14 years amounts to \$15,826.33

Explanation:

The amount which is to be paid after 14 years is known as Future Value (FV), which is computed as:

Using the Excel formula of FV as:

=FV(rate,nper,pmt,pv,type)

where

rate is 6%

nper is number of years which is 14 years

PMT is monthly payment which is \$0

PV is Present value which is -\$7,000

Putting the values above:

=FV(6%,14,0,-7000,0)

= \$15,826.33

Therefore, the future value which is to be paid after 14 years amounts to \$15,826.33

The following information was available for Paul Company at December 31, 2020: beginning inventory \$90,000; ending inventory \$70,000; cost of goods sold \$968,000; and sales \$1,360,000. Paul’s inventory turnover in 2020 wasa21.5 days.b.26.4 days.c.30.2 days.d.33.8 days.

Option (c) is correct.

Explanation:

Given that,

Beginning inventory = \$90,000;

Ending inventory = \$70,000;

Cost of goods sold = \$968,000

Sales = \$1,360,000

Average inventor:

= (Beginning inventory + Ending inventory) ÷ 2

= (\$90,000 + \$70,000) ÷ 2

= \$160,000 ÷ 2

= \$80,000

Inventory turnover is the ratio of cost of goods sold and average inventory.

Paul’s inventory turnover in 2020:

= Cost of goods sold ÷ Average Inventory

= \$968,000 ÷ \$80,000

= 12.1 times

Days in inventory:

= 365 days ÷ Inventory turnover ratio

= 365 days ÷ 12.1

= 30.16 or 30.2 days

Based on current dividend yields and expected capital gains, the expected rates of return on portfolios A and B are 12% and 16%, respectively. The beta of A is 0.7, while that of B is 1.4. The T-bill rate is currently 5%, whereas the expected rate of return of the S&P 500 index is 13%. The standard deviation of portfolio A is 12% annually, that of B is 31%, and that of the S&P 500 index is 18%. a. Calculate the alphas for the two portfolios. (Round your answers to 1 decimal place.)

Alpha for A is 1.40%; Alpha for B is -0.2%.

Explanation:

First, we use the CAPM to calculate the required returns of the two portfolios A and B given the risks of the two portfolios( beta), the risk-free return rate ( T-bill rate) and the Market return rate (S&P 500) are given.

Required Return for A: Risk-free return rate + Beta for A x ( Market return rate - Risk-free return rate) = 5% + 0.7 x (13% - 5%) = 10.6%;

Required Return for A: Risk-free return rate + Beta for B x ( Market return rate - Risk-free return rate) = 5% + 1.4 x (13% - 5%) = 16.2%;

Second, we compute the alphas for the two portfolios:

Portfolio A: Expected return of A - Required return of A = 12% - 10.6% = 1.4%;

Portfolio B: Expected return of B - Required return of B = 16% - 16.2% = -0.2%.

Enterprise zones are: A. government-owned properties that are available for entrepreneurial ventures at a reduced cost.B. similar to incubator facilities but strictly run by city and state governments.C. blighted areas that contain toxic materials making them unsuitable for business operations.D. specific locations across the U.S. where entrepreneurs can set up shop and receive tax breaks for operating in these areas.

Explanation: Enterprise zones are established by the government with the objective of development and economic growth in the local neighborhood.

The investors are attracted to make their business centers or production units in such areas by giving them incentives such as tax exemptions or other such benefits.

These are made usually in under developed areas. In countries like China and India, these areas are called special economic zones.

Metalcrafters made a contract to design a new earth-moving vehicle for Lamar Highway Construction Co. Metalcrafters was depending on the genius of Samet, the head of its research department, to design a new product. Shortly after the contract was made between Metalcrafters and Lamar, Samet was killed in an automobile accident. Metalcrafters was not able to design the product without Samet. Lamar sued Metalcrafters for damages for breach of the contract. Metalcrafters claimed that the contract was discharged by Samet’s death. Is it correct?

Yes

Explanation:

Metalcrafters is right by claiming that the contract was discharged. The text makes a list of the impossibilities that allow for a contract to be discharged. “That the occurrence made performance impossible. The doctrine of impossibility relieves nonperformance only in extreme circumstances” (Twomey & Jennings). Samet’s death in the automobile accident qualifies Metalcrafters for the doctrine of impossibility. He was the only one capable of making the product and died unexpectedly.

The death of a party does not usually discharge a contract, unless it is a 'personal service contract' that relies heavily on the unique skills of that individual. In this case, Metalcrafters may claim the contract was dependent on Samet's unique skills, thereby making it impossible to fulfill the contract upon his demise. However, the specific determination would rely on the contractual terms and its interpretive application in law.

### Explanation:

The subject matter of this question is related to contract law, specifically the aspect of 'impossibility of performance' as a potential defense for breach of contract. In the circumstance described, Metalcrafters had a contract with Lamar to design a new product, which was then considered impossible due to the unfortunate death of Samet, a pivotal individual to this task.

Under normal circumstances, death does not discharge a contract. If a party promises to perform a task that can be performed by others, the contract generally remains in effect even if that party becomes unable to perform. However, where the contract is considered a 'personal service contract'—one that relies on the unique abilities or skills of a particular individual—performance of the contract may be impossible if that individual dies.

Whether Metalcrafters could argue that this was a personal service contract may depend on the specific terms of the contract and how much it relied on Samet's unique skills. This is a complex area of contract law and could depend on further aspects that aren't covered in the question. In other words, it's not exactly a straightforward 'yes' or 'no' matter.

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Brodrick Company expects to produce 21,000 units for the year ending December 31. A flexible budget for 21,000 units of production reflects sales of \$504,000; variable costs of \$63,000; and fixed costs of \$141,000. Assume that actual sales for the year are \$595,600 (26,900 units), actual variable costs for the year are \$114,000, and actual fixed costs for the year are \$133,000. Prepare a flexible budget performance report for the year.

Brodrick Company

Flexible Budget Performance Report for the year ended December 31

Flexible        Actual          Variance

Budget        Budget

Sales unit                 21,000           26,900          5,900 units F

Sales revenue    \$645,600      \$595,600     \$50,000 U

Variable costs         80,700          114,000        33,300 U

Fixed costs             141,000         133,000          8,000 F

Total costs          \$221,700      \$247,000      \$25,300 U

Profit                  \$423,900      \$348,600      \$75,300 U

Explanation:

a) Data and Calculations:

Flexible Budget for 21,000 units

Sales revenue = \$504,000

Variable cost = \$63,000

Fixed costs = \$141,000

Flexing the budget with 26,900 units:

Sales revenue = \$645,600 (\$504,000/21,000 * 26,900)

Variable costs = \$80,700 (\$63,000/21,000 * 26,900)