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1) Bestie Donuts sells boxes of donuts each with a variable cost percentage of 35%. Its
fixed costs are $55,250 per year.
Instructions
Determine the sales dollars Bestie needs to break even per year.
2) Instructions: Midland Medical Supplies Company uses an imprest petty cash system.
The fund was established on June 1 with a balance of $200. The fund was replenished
on June 30 when $38 and the following petty cash receipts were found in the petty cash
box:
On June 30, Midland Medical Supplies Company decided to increase the amount of the
petty cash fund to $250. Prepare the appropriate journal entries to record all the petty
cash transactions. You may omit journal entry explanations.
