Answer:
Explanation:
The journal entries are shown below:
On July 15:
Purchase A/c Dr $89,180
To Accounts payable $89,180
(Being purchase of goods are made on credit with discount)
The computation of the purchase of tires after applying the discount is shown below:
= Number of tires × price per tire - discount rate
= 2,600 tires × $35 - 2%
= $91,000 - $1,820
= $89,180
On July 23:
Account payable A/c Dr $89,180
To Cash A/c $89,180
(Being payment is made)
On August 15:
Account payable A/c Dr $89,180
Interest expense A/c Dr $1,820
To Cash A/c $91,000
(Being payment is made on late interval)
Answer:
The use of the allowance method of accounting for bad debts.
Explanation:
We use the allowance method to match the expected ad debt with the sales or account receivables which generates.
As sales of a givne month can be declared uncollectible after several month using a direct method we are putting the burden of the uncollectible in another accounting period while leaving the one which did that sale untouched.
The allowance makesthe expense in the same time period thus, it follows the recognition principle.
Rules protecting private property are some of the most important rules in a free market system, because people need to own resources or assets in order to make free choices.
Variable cost refers to the costs of production that fluctuate depending on the number of units produced.
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Explanation:</u></h3>
The cost of any product that changes based on the quantity of goods that are produced. The volume that is produced decides the fluctuations in the variable cost. Fixed cost is the cost that will not change based on the number of units of the goods that is produced. Rent of a building can be considered as a fixed cost.
Example for variable cost may be raw materials cost, packaging cost,etc. Variable cost can be calculated by adding up the cost of labor and raw materials that are used in the production of one unit of a good. The total variable cost can be calculated by multiplying variable cost per unit with the number of units produced.
Answer:
a. 5.819 million
b. $709918
Explanation:
Below is the calculation:
a. Total number of adult population = 253 million
Total employed adult = 253 x 59.7% = 151.041
Number of employed adult after increase in employment rate = 253 x 62% = 156.86
More people would be working = 156.86 - 151.041 = 5.819 million
b. GDP per capita is $122,000, so increase in GDP = 5.819 x 122000
Increase in GDP = $709918
