Answer:
Zumba classes sell all 20 participant spots at a price of $4.50 each. When the instructor raised the prices to $5.50, 10 people attended the class. From the midpoint method, the price elasticity of demand for Zumba is:
0.286
Explanation:
20 at $4.50= $90
10 at $5.50= $55
price elasticity= change in quantity demand/ change in price
20-10= 10 change in quantity demand
$90-$55= $35
10/35=0.286
The journal entry to record expenses in petty cash fund:
Transportation Expense-------------------$58.40
Postage Expense ---------------------------- 40.00
Parties Expense ------------------------------ 20.00
Meals Expense -------------------------------- 25.00
Petty Cash Fund-------------------------------------$143.40
The journal entry to record the replenishment in petty cash fund:
Petty Cash Fund ------------------------------- $143.40
Cash ----------------------------------------------------$143.40
The journal entry to record the shortage in petty cash:
Cash Short ----------------------------------------$6.00
Petty Cash Fund------------------------------------$6.00
Answer:
B) risen 25 percent.
Explanation:
The inflation rate is the rate at which overall prices are increasing in the economy in a period. It is expressed as a CPI value.
Given CPI for different periods, inflation can be calculated using the formula below.
Inflation =<u> new CPI - old CPI</u> x 100
old CPI
In the case
The inflation rate will be <u>150- 120</u> x 100
120
=30/120 x 100
=25%
Answer:
c
Explanation:
Breakeven quantity are the number of units produced and sold at which net income is zero
If the sales of a company exceeds the breakeven quantity, the firms is earning a profit.
If the company's sales is less than the Breakeven quantity , the firm is making losses that would not be recouped
Breakeven quantity = fixed cost / price – variable cost per unit
150,000 / (5 -3) = 75000