Sam is a video game designer making $87,000 per year how much does he make per month?

Business transactions completed hannah venedict during september are follows. using transactions, record journal entries, create

professor190 [17]

Cash 60000

Office Equipment 25000

To Common Stock 85000

(Being Cash and equipment introduced in business)

Land $40000

Building $160000

To Cash $30000

To Long Term Note Payable $170000

(Being Land and Building purchased partly by cash and long term note payable)

Office Supplies 2000

To Accounts Payable 2000

(Being Office Supplies Purchased on credit)

Automobile 16500

To Common Shares 16500

(Being Automobile introduced in lieu of share)

Office Equipment $5600

To Accounts Payable $5600

(Being Office Equipment Purchased on credit)

Salary $1800

To Cash $1800

(Being Salary Paid in cash)

Cash 8000

To Sales 8000

(Being Sales made in cash)

6 0

3 years ago

A free enterprise system refers to: a. Economic assets that are privately owned and exchanged in an open market. b. Property own

bazaltina [42]

Answer:

a. Economic assets that are privately owned and exchanged in an open market.

Explanation:

A free enterprise is an economy where where economic factors like price, product, and services are determined by market forces and not by the government.

It is also called capitalism, economic assets are privately owned and competition is the yardstick for market success.

The opposite of this is communism where economic factors are controlled by the government.

7 0

3 years ago

Define economic profit. Explain how economic profit is different than accounting profit. Why is it important for economists to m

saul85 [17]

Answer:

a. Economic profit is the excess of revenue over both opportunity (implicit) and explicit costs. Explicit costs are the cost of all inputs used.

b. The difference between economic profit and accounting profit is that in calculating economic profit, both the explicit costs and the implicit or opportunity costs are deducted from the revenue. Whereas, in computing the accounting profit, only the explicit costs are deducted from the revenue.

c. Economists measure economic profit rather than accounting profit because economists believe that the real cost of an output includes the economic or opportunity cost (potential benefits lost as a result of the course of action chosen).

Explanation:

Opportunity cost is the implicit cost incurred, which is equal to the potential benefits lost by an individual or a business, when an alternative is chosen instead of the other alternative. It is an important concept in the computation of economic profit. The concept ensures that both implicit and explicit costs are considered when determining the profits generated by a business.

3 0

3 years ago

Angelo Company reacquired 26,000 shares of its common stock for $16 per share on June 1. On July 1 they sold 7,000 treasury shar

aev [14]

Answer:

$22,000 Credit balance

Explanation:

Calculation to determine the ending balance

First step is prepare the Journal entries

Dr Treasury stock $416,000

Cr Cash $416,000

(26,000 shares*$16 per share)

Dr Cash $161,000

(7,000*$23)

Cr Teasury stock $112,000

($16 per *7,000)

Cr Additional Paid-in Capital $49,000

($161,000-$112,000)

Dr Cash $117,000

(9,000*$13)

Dr Additional Paid-in Capital $27,000

($144,000-$117,000)

Cr Teasury stock $144,000

($16*9,000)

Now let calculate the Ending balance

Ending balance=-$49,000+$27,000

Ending balance=-$22,000 Credit balance

Therefore the Ending balance is $22,000 Credit balance

4 0

3 years ago

Classify each of the following in terms of their effect on interest rates (increase or decrease): I. Covenants on borrowing beco

kozerog [31]

Answer: I decreases; II decreases; III decreases

Explanation:

Debt Covenants becoming more restrictive means that less people want to borrow money. This shifts the demand curve to the left and this Decreases interest rates.

The Fed increasing money supply means that there is more money in the economy. This shifts the supply curve to the right thus having the effect of reducing Interests rates as there is more money available for loans.

Total Household Wealth increasing means that Households have less of an incentive to borrow money. This reduces the demand for interest rates so interest rates decrease.

5 0

3 years ago