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Tom [10]
3 years ago
12

Which has more elastic Supply in the short run, ice cream or oranges?

Business
1 answer:
Cerrena [4.2K]3 years ago
8 0
Ice Cream. E<span>lasticity is higher when the good are luxuries and ice cream has </span>to actually be made.
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On January 1, 2017, Eagle borrows $17,000 cash by signing a four-year, 6% installment note. The note requires four equal payment
Reika [66]

Answer:

The question is:

Prepare the journal entries for Eagle to record the loan on January 1 2017 and the four repayments from 31st December 2017 through 31st December 2020?

The answer is:

1 January 2017

Dr Cash                   17,000

Cr Note Payable    17,000

31 December 2017

Dr Interest expenses            1,020

Dr Note Payable                   3,886

Cr Cash                                 4,906

(to record note principal and interest expenses payment)

31 December 2018

Dr Interest expenses            787

Dr Note Payable                   4,119

Cr Cash                                 4,906

(to record note principal and interest expenses payment)

31 December 2019

Dr Interest expenses            540

Dr Note Payable                   4,366

Cr Cash                                 4,906

(to record note principal and interest expenses payment)

31 December 2020

Dr Interest expenses            277

Dr Note Payable                   4,629

Cr Cash                                 4,906

(to record note principal and interest expenses payment)

Explanation:

Working note for the repayment transaction:

- For all the four journal entries regarding the repayment, the Cash account is debited at $4,906 because the note requires four equal payments of $4,906.

The calculations of Principal repayment ( which is recorded as Dr Note Payable and Interest expenses which is recorded as Dr Interest Expense) for each year are as below:

31 December 2017:

Interest Expenses = Outstanding Note Payable * 6% = 17,000 * 6% = $1,020;

Principal repayment = 4,906 - Interest Expenses = 4,906 - 1,020 = $3,886.

31 December 2018:

Interest Expenses = Outstanding Note Payable * 6% = (17,000-3,886) * 6% = $787;

Principal repayment = 4,906 - Interest Expenses = 4,906 - 787 = $4,119.

31 December 2019:

Interest Expenses = Outstanding Note Payable * 6% = (17,000-3,886-4,119) * 6% = $540;

Principal repayment = 4,906 - Interest Expenses = 4,906 - 540 = $4,366.

31 December 2020:

Interest Expenses = Outstanding Note Payable * 6% = (17,000-3,886-4,119-4,366) * 6% = $277;

Principal repayment = 4,906 - Interest Expenses = 4,906 - 277= $4,629.

8 0
3 years ago
Munoz, Inc., produces a special line of plastic toy racing cars. Munoz, Inc., produces the cars in batches. To manufacture a bat
cestrela7 [59]

Answer:

Explanation:

1. Calculate the efficiency variance for variable overhead setup costs.

This will be calculated as:

= Standard Hours - Actual Hours) × Standard rate

= (15000/225 × 5.25 - 15000/250 × 5) × 38

= (350 - 300) × 38

= 50 × 38

= 1900 Favourable

2) Calculate the rate variance for variable overhead setup costs.

This will be:

= Standard rate- Actual rate) × Actual Hour

= (38-40) × (15000/250 × 5)

= -2 × 300

= -600 Unfavourable

3) Calculate the flexible-budget spending variance for variable overhead setup costs.

This will be the difference between the standard cost and the actual cost. This will be:

= (15000/225×5.25 ×38) - (15000/250×5 ×40)

= 13300 - 12000

= 1300 Favourable

4) Calculate the spending variance for fixed setup overhead costs.

what formular did you use.

This will be:

= Standard Cost - Actual Cost

= 9975-12000

= -2025 Unfavorable

5 0
3 years ago
The probability distribution is bell shaped and symmetrical
Alexxandr [17]

normal. This was fill in the blanks right? Next time you ask a fill in the blank question you should use underscores where the missing word is.

6 0
3 years ago
Question 7
Katarina [22]
The correct answer would be A
7 0
3 years ago
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CPI is calculated by dividing the ____ using ____by the ____using ____ and multiplying by 100.
Anika [276]

Explanation:

The CPI stands for Consumer Price index . It refers to the change in the price level with respect to the goods and services available in the market.

The CPI is calculated below

= Given the cost of market goods and services using the price of given year by the Given cost of market goods and services using the price of a base year and then it would be multiplied by 100

While the GDP Deflator deals with the price of all goods and services that are produced in domestic.

7 0
3 years ago
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