Answer:
$105,547
Explanation:
Original cost of machine = $270,000
Machine sold for = $150,000
Book value = $120,000
Down payment = $30,000
$60,000 payable on December 31 each of the next two years
.
Present value of an ordinary annuity of 1 at 9% for 2 years = 1.75911
The amount of the notes receivable net of the unamortized discount:
= Amount paid on December 31st × Present value of an ordinary annuity
= $60,000 × 1.75911
= $105,547
Answer:
The journal entries to record service revenue during July should be:
Dr Cash 3,600
Cr Service revenue (80 hours per month) 3,600
Dr Accounts receivable [(115 - 80 hours) x $40] 1,400
Cr Service revenue 1,400
Since the company has collected only the regular hours provided according to the contract, the remaining hours should be recorded as accounts receivable.
When both parties are expecting to gain from a transaction, they are conducting a Voluntary trade. In a Voluntary trade, both the sell and buyers involved in the transaction based on their own free will and expecting to gain a profit from the trade
1. A long-term rental - d. lease. As far as I remember a lease is a contract which defines the terms under which one one side agrees to rent property owned by another another side.
2. A guarantee which covers the entire car, with few (if any) exceptions. - h. Bumper–to–bumper warranty. When you buy new car it is the most comprehensive warranty available for you. It's also called wrap-around warranty.
3. The amount or percentage by which something decreases in value over time - e. Depreciation. It's true definition of depreciation like it's written in books.
4. The value of a piece of property, over and above any mortgage or other liabilities relating to it. Ownership right in property - g. Equity. Home equity is the <span>part of your property value that you really own. </span>
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5. The payment made to obtain insurance - </span>i. Insurance premiums. The amount of insurance premiums is defined by insurance contract. Usually it's monthly or yearly payment.
6. Able to be trusted with financial responsibility; high likelihood of paying back debt - f. Reliability. It's 100% correct definition of the term "reliability" like it's written in books.
7. The retail value of something; the price that something is advertised as costing - <span>j. Sticker price. As the previous one, it's truly correct definition of sticker price. It's a retail price of something.</span>
8. The cost of something when bought directly from the manufacturer - b. Wholesale value. It's the price which DEALER would pay to manufacturer. It's much cheaper than sticker price.
9. Wholesale value minus depreciation, plus taxes, registration and licensing fees - a. Used car cost. This a correct explanation of used car cost. There are also could be an insurance.
10. Online resource for car pricing - c. Kelley Blue Book. Just search the Internet and you'll find much more resources for car pricing.
Answer:
the percentage change in quantity demanded is less than the percentage change in price (in absolute value).
Explanation:
Inelastic demand is when the demand for a product remains relatively constant, even if its price changes. Goods and services considered essential have inelastic demand. Foods stuff and petrol will have a constant demand regardless of their price levels.
A small percentage change in the price of an inelastic good or service will have minimal changes in its demand. For example, drinking water is an essential commodity. A small change in its price will not have any significant change in demand because people will need to drink water regardless of its price. Therefore, a small percentage change in price causes a lesser percentage change in quantity demanded.
