Liquidating petty cash expenses datingcatholics com

The Department of the Treasury (Treasury) requires agencies to eliminate imprest fund accounts as part of an overall plan to carry out the provisions of the Debt Collection Improvement Act of 1996 (DCIA) and the recommendations of the (NPR Report), issued January 1996.The DCIA requires federal agencies to make all payments electronically (other than payments under the Internal Revenue Code of 1986), except where a waiver is granted by the Secretary of the Treasury.The operational guidance contained in the TFM has been merged into a new Cashier's Manual.The TFM Chapter on imprest funds, is now at Vol 1, Chapter 4A, Section 30170.Historically, agencies have used imprest funds to make a variety of payments to all classes of payment recipients.Agencies typically used imprest funds to reimburse employees for expenses, to make small purchases, to make emergency beneficiary payments, and to pay informants, among other uses.Without doing this it leaves RE and Net Income on the Balance Sheet. In order for me to elaborate more accrurately, I need to see your Income Statement. Total COS 21340.24Gross Profit 16563.46 Supplies 40.88Bank Charges 58.00Insurance 303.75Utitlites 216.99Communication 3448.56Dues & Subscr. I am still a little confused, this is a livestock auction and it gets paid commission based on total sales.31.80Auto Expense 2920.55Professional 790.00Uniforms 194.75Taxes &License 174.93Meals & Entert 767.53Travel 25.00R&M 553.08Rent 2021.00Office Expense 281.68Deprec. If you looking for Breakeven point in units, Breakeven = Total Fixed Costs / (Selling Price per Unit - Variable Cost per Unit) Let say you purchased inventory from supplier for per unit and you are selling them for per unit and that your total operating expenses (other than purchases) cost ,000 monthly. So the break even formula would be Total fixed cost / (total commission - variable cost)? Thank you so much for taking your time and knowledge to support my concerns.

90-331[14] or the “Rules and Regulations on the Granting, Utilization and Liquidation of Cash Advances” which implemented Section 89 of P. 5.1.2 Petty Operating Expenses and Field Operating Expenses – within 20 days after the end of the year; subject to replenishment during the year.

— No cash advance shall be given unless for a legally authorized specific purpose.

Failure of the AO to liquidate his cash advance within the prescribed period shall constitute a valid cause for the withholding of his salary.

The amount withheld shall be applied to his (AO’s) accountability. Petitioner failed to establish that the dismissal order was tainted with grave abuse of discretion such as the denial of the prosecution’s right to due process or the conduct of a sham trial.

The AO shall likewise be held criminally liable for failure to settle his accounts.[15] (Emphasis supplied.) As can be seen, contrary to the findings of the , actual damage to the government arising from the non-liquidation of the cash advance is not an essential element of the offense punished under the second sentence of Section 89 of P.


  1. I need help making a journal entry for the liquidation of a. Petty cash 500.00. selling them for $15 per unit and that your total operating expenses.

  2. Guided textbook solutions created by Chegg experts Learn. Hsu Imports established a petty cash fund of $325. and fixed expenses total $180,000 per year.

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