Almona Co. establishes a $140 petty cash fund on January 1. On January 8, the fund shows $31 in cash along with receipts for the following expenditures: postage, $47; transportation-in, $12; delivery expenses, $14; and miscellaneous expenses, $36. Palmona uses the perpetual system in accounting for merchandise inventory.

Prepare journal entries to establish the fund on January 1.
Prepare journal entry to reimburse the petty cash fund on January 8.
Prepare journal entries to both reimburse the fund and increase it to $450 on January 8, assuming no entry in part 2.

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.

Adisadvantage of corporations is that shareholders have to pay on profits.

Lillypad toys is a manufacturer of educational toys for children. six months ago, the company's research and development division came up with an idea for a unique touchscreen device that can be used to introduce children to a number of foreign languages. three months ago, the company produced a working prototype, and last month the company successfully launched its new device on the commercial market. what should lillypad's managers prepare for next? a. increased competition from imitators b. a prolonged period of uncontested success c. a sharp decline in demand for the product d. a difficult struggle to move from invention to innovation