Answer: y = 66x - 1200
Explanation: The charity organisation has to sell a number of tickets to cover their production costs of $1,200. It is given that after selling 200 tickets they retain a net profit of $12,000. Net profit is deduced as: Total sales - total costs. Sales is calculated as total tickets x selling price per ticket.
If we let b represent the sales earned from selling tickets, then:
Net profit = total sales - total costs
12,000 = 200b - 1,200
We can then solve for b by taking the 1200 to the other side of the equal sign. When we do that the sign of that number changes. This is also the same as adding 1200 to both sides of the equal sign:
∴12000 + 1200 = 200b
13200 = 200b
To get the price of one single ticket, b, we need to divide both sides by 200.
∴ b = 66
This means that each ticket's selling price is $66.
So when when we take it back to the calculation of net profit then it becomes:
Net profit = total sales - total costs
y = 66x - 1200
To test:
y = 66x - 1200
= 66 (200 tickets) - 1200
= $12,000
Answer:
a) 3,000
b) 396,850
c) 2,976.38
d) 393,873.62
Explanation:
a) principal x rate x time = interest
400,000 x 0.09 x 1/12 = 3,000
b) 6,150 - 3,000 = 3,150 principal payment
400,000 - 3,150 = 396,850
c) principal (carrying value) x rate x time = interest
396,850 x 0.09 x 1/12 = 2,976.38
d) 396,850 - 2,976.38 = 393,873.62
Explanation:
The journal entries are shown below:
On October 12
Purchases ($47,500 x 0.99) $47,025
To Account Payable $47,025
(Being the purchase of merchandise is recorded)
On October 12
Freight In $670
To Cash $670
(Being the freight charges is recorded)
On October 31
Account Payable $47,025
To Interest Expense $475
To Cash $47,500
(Being the payment for purchases is recorded)
Account Receivable $31,400
to Sales Revenue $31,400
(To record the sales on account)
On October 31
Cost of Goods Sold $20,550
Ending Inventory $59,145
To Beginning Inventory $32,000
To Purchases $47,025
To Freight In $670
(Being recording the adjusting entry is made)
Answer:
b) 2 only
Explanation:
The Social Security Act set up the Old Age and Survivors Insurance Trust Fund (OASI), from which retired individuals receive their payments. These benefits are subject to taxes, and can be withheld if a debt is incurred or an over-payment occurs.
Inflation reducing the value of investors' financial assets I think its that i'm not sure
