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4 years ago

Classify each item as an asset, liability, common stock, revenue, or expense.

Business

1 answer:

kari74 [83]4 years ago

6 0

Answer: The answer is as follows:

Explanation:

Each item is classified as follows:

(a) Issuance of ownership shares - Common Stock

(b) Land purchased - Assets

(d) Bonds payable - Liabilities

(e) Amount earned from selling a product - Revenue

(f) Cost of advertising - Expense

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astraxan [27]

Answer:

The correct answer is option

Explanation:

A firm operating in a perfectly competitive market is producing 800 units. The marginal cost is $3.50. The minimum average variable cost is $3. The market price is $4.

The firm will be able to maximize its profit at the point where the price of the product is equal to marginal cost and is able to cover the average variable cost of the product.

This firm should thus increase its production to more than 800 units till the marginal cost is equal to the price which is $4.

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3 years ago

Schumpeterian growth focuses on:______. a. capital formation (i.e., more physical capital) as central to economic growth.b. argu

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Answer:

Option D The role of technological innovation and entrepreneurs as central to economic growth.

Explanation:

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3 years ago

Advanced Automotive pays $ 320 comma 000 for a group purchase of land, building, and equipment. At the time of acquisition, th

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Answer:

Advanced Automotive

Allocation of Historical Cost

Land = $64,000

Building = $32,000

Equipment = $224,000

Journal Entries

Dr - Property, Plant and Equipment - $320,000

Cr - Account Payable - $320,000

Explanation:

Workings

Land = $70,000 × ($320,000/$350,000) = $64,000

Building = $35,000 × ($320,000/$350,000) = $32,000

Equipment = $245,000 × ($320,000/$350,000) = $225,000

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4 years ago