Answer and Explanation:
The journal entries are shown below:
1 Cash $9,000
To Land $7,200
To Gain on Disposal $1,800
(Being the land is sold is recorded)
2 Cash $22,900
To Common Stock $22,900
(being the issuance of the common stock is recorded)
3 Depreciation Expense $16,600
To Accumulated Depreciation - Buildings $16,600
(being depreciation expense is recorded)
4 Salaries and Wages Expense $7,000
To Cash $7,000
(being salary paid is recorded)
5 Equipment $9,200
To Common Stock $1,100
To Paid in capital in excess of par-Common stock $8,100
(Being the common stock issued for the equipment)
6 Cash $1,728
Accumulated Depreciation-Equipment $10,080
Loss on Disposal $2,592
To Equipment $14,400
(being equipment sold is recorded)
Answer:
14%
Explanation:
The computation of the tvom in percentage form is shown below:
Today price × (1 + interest rate) = Future value
$5,000 × (1 + interest rate) = $5,700
(1 + interest rate) = $5,700 ÷ 5,000
(1 + interest rate) = 1.14
So, the interest rate
= 1.14 -1
= 0.14 or 14%
Hence, the interest rate or TVOM i.e times value of money is 14%
Answer:
The answer is: The COGS is $635
Explanation:
We will use the following entries:
- Initial merchandise inventory $210
- Purchased merchandise inventory $635
- Ending merchandise inventory $160
Cost of goods sold = initial inventory + purchases - ending inventory
Cost of goods sold = $210 + $635 - $160 = $685
Answer:
b
Explanation:
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Answer:
(a) $60; $20 million
(b) $25; -$5 million
(c) $10; -$10 million
(d) -$25; -$75 million
Explanation:
(a)
Accounting Profit = Total revenues - Explicit cost
= $150 - $90
= $60 million
Economic Profit = Accounting Profit - Implicit cost
= $150 - $90 - $40
= $20 million
(b)
Accounting Profit = Total revenues - Explicit cost
= $125 - $100
= $25 million
Economic Profit = Accounting Profit - Implicit cost
= $125 - $100 - $30
= -$5 million (that's a negative $5 million)
(c)
Accounting Profit = Total revenues - Explicit cost
= $100 - $90
= $10 million
Economic Profit = Accounting Profit - Implicit cost
= $100 - $90 - $20
= -$10 million (negative $10 million)
(d)
Accounting Profit = Total revenues - Explicit cost
= $250 - $275
= -$25 million (negative $25 million)
Economic Profit = Accounting Profit - Implicit cost
= $250 - $275 - $50
= -$75 million (negative $75 million)