Given the Following Information What Is the Amount of Cash Over and Short?
A)

question 28

Multiple Choice

Given the following information:
$\begin{array}{llll}\text { Petty cash balance } & \$ 450.00 & \text { Courier receipt } & \$ 82.50 \\\text { Postage receipt } & \$ 48.00 & \text { Office Supplies receipt } & \$ 56.22\\\text { Business meal receipt }& \$ 102.34&\text { Cash on hand at the end of the month}& \$ 76.21 \end{array}$
What is the amount of cash over and short?

• A) Debit $84.73.
• B) Credit $84.73.
• C) Debit $160.94.
• D) Credit $160.94.
• E) No cash over or short would be recorded.

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Definitions:

Rawhide Tanning

The process of treating raw hides and skins with chemical solutions to produce leather.

CCA Rate

The Capital Cost Allowance rate refers to the annual depreciation rate that is applicable for tax purposes on a depreciable asset, allowing businesses to write off a portion of the asset's cost over its useful life.

After-Tax Discount Rate

The rate used to discount future cash flows to their present value after accounting for taxes.