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Komok [63]
1 year ago
12

A perfectly competitive apple farm produces 1,000 bushels of apples at a total cost of $36,000. The price of each bushel is $50.

Calculate the firm's short-run profit or loss.
Business
1 answer:
iren [92.7K]1 year ago
3 0

The firm's short run profit is $14,000.

<h3>What is the short run profit or loss?</h3>

Short run profit or loss can be determined by subtracting total revenue from total cost. Total revenue is total units sold multiplied by price per unit.

Short run profit = total revenue - total cost

Short run profit = (1000 x 50) - 36,000 = $14,000

To learn more about profit, please check: brainly.com/question/26181966

#SPJ1

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Explanation:

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2 years ago
When Patey Pontoons issued 10% bonds on January 1, 2021, with a face amount of $640,000, the market yield for bonds of similar r
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Answer and Explanation:

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1) Semiannually Rate of interest = 11% ÷ 2 = 5.50% = 0.055

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= [1 - 0.65160] ÷ 0.055

= 6.33457

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Annually interest Value 6.33 ×     32,000                          $202,706

($640,000 × 6 ÷ 12 × 10%)  

Present Bond’s Price                                      $619,730

2).  

Journal Entry

On Jan.1,2021

Cash A/c         Dr.  $619,730

Discounts on bond payable A/c      Dr.  $20,270

 To Bond payable A/c         $640,000

(Being bond issued at discount is recorded)

3. The amortizable schedule is presented on the attachment below

4).

Journal Entry

June 30,2021

Interest expense A/c      Dr.  $34,085  

     To Cash A/c         $32,000

     To Discount on bond payable A/c    $2,085  

(Being interest expenses is recorded)  

5) On December 31,2021 Amount of bonds reported = $624,015

6). Interest expenses reported in income statement

= $34,085 + $34,200

= $68,285

7).

Journal Entry

On Dec. 31,2024

Interest expense A/c      Dr.  $35,032

   To Cash A/c         $32,000

   To Discount on bond payable A/c      $3,032

(Being interest expense is recorded)

On Dec.31,2024

Bond payable A/c       Dr.  $640,000

  To Cash A/c        $640,000

(Being interest expense is recorded)

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