Answer:
The computation is shown below:
Explanation:
The journal entries are shown below:
a. Account payable $70,000
To Notes payable $70,000
(Being the issuance of the note is recorded)
b. Note payable $70,000
Interest expense $1,575
To Cash $71,575
(Being the payment of the note at maturity date including interest is recorded)
The computation is shown below:
= $70,000 × 9% × 90 days ÷ 360 days
= $1,575
We assume 360 days in a year
Now the effects on the accounts and the financing statement for issuance of the note is shown below:
Balance sheet
Assets = Liabilities + Stockholder equity Income statement cash flow statement
No effect = Account payable - $52,000 + No effect No effect + no effect
Note payable + $52,000
Property that the original owner has discarded is abandoned property.
If property is abandoned someone can find it and take it into possession. Although it's rare this can happen, in mainly causes though, most property can not be claimed with ownership without legal documents since most are left with some.
Answer:
The answer is c. $2,621,802
Explanation:
Please find the below for detailed explanations and calculations:
As given in the question, the total revenue will be projected to grow at 3% annually from the year of 2017 to the year 2022.
Thus, with the total 2017 revenue is given at $2,471,300, we can calculate the projected total revenue of 2019 as followed:
Projected total revenue in 2018 = Total 2017 revenue x ( 1 + projected growth rate ) = $2,471,300 x ( 1+ 0.03) = $2,545,439;
Projected total revenue in 2019 = Total 2018 revenue x ( 1 + projected growth rate ) = $2,545,439 x ( 1+ 0.03) = $2,621,802.17
Thus the answer is c. $2,621,802 ( rounded to 0 decimal places).
Answer:
Option (d) is correct.
Explanation:
In a perfectly competitive market, there are large number of buyers and sellers, so price and quantity is determined by the market forces. Firms in a perfectly competitive market can earn abnormal profits, normal profits or losses in the short run and can earn normal profits and losses in the long run.
The profit for these firms is calculated by subtracting the product of average total cost and quantity from the product of price and quantity.
Profit( = (P × Q) - (ATC × Q)