Answer:
c. $24,990
Explanation:
The Term 2/15 net 45 mean 2% cash discount is offered if the payment is made within 15 days otherwise the credit period is 45 days. There is no after 15 days of sale.
Amount of Sale = $25,500
Discount Rate = 2%
The Pound Co. paid the invoice within the discount period. They are eligible to receive the 2% discount on sale value.
Discount Amount = $25,500 x 2% = $510
Net Sales amount in this transaction = $25,500 - $510
Net Sales amount in this transaction = $24,990
In the long run, if inputs are increased by 10 percent and output increases by 20 percent, then diseconomies of scale are said to exist. It is because diseconomies of scale is likely to happen in the long run for a business with increasing inputs without decreasing the cost of production. It can happen when the increase in production is dependent on one part that needs to be completed but there is a delay on producing the parts. Another reason is that the cost of shipping may increase base on how far will be the distance and the weight of the product.
It is true that because of the substitution problem, the CPI tends to overstate the true change in the price of the typical basket of consumer goods.
<h3>What is CPI?</h3>
- A consumer price index measures a market basket of goods and services that households have purchased at a weighted average price.
- The measured CPI fluctuates to reflect changes in prices over time.
- One of the most popular methods for determining inflation and deflation is the CPI.
- An essential gauge of an economy's health is inflation. The CPI and other indexes are used by governments and central banks when making economic decisions.
- The decision to raise or cut interest rates is crucial among these.
- If the CPI increases, it indicates that the average rate of change in price over time has increased. The cost of living and income are eventually changed as a result of this.
Learn more about CPI here:
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Answer:
b. increase in assets and an increase in liabilities.
Explanation:
The journal entry to record the direct labor cost used is shown below:
Work in process Dr
To wages payable
(Being the direct labor cost used is recorded)
Here the work in process is debited as it increased the assets and credited the wages payable as it also increased the liabilities
Answer:
The correct answer for option (a) is $3,080 and for option (b) is $2,141.
Explanation:
(a). Current pay = $44
After 40 hours, Pay = $44 × 1.5 = $66
So, we can calculate the gross pay by using following formula:
Gross pay = (40 hours × $44 ) + (20 hours × $66)
= $1,760 + $1,320
= $3,080
(b).
Security Tax = Gross pay × 6% = $3,080 × 6% = $184.8
Medicare Tax = Gross pay × 1.5% = $3,080 × 1.5% = $46.2
Federal Income Tax = $708
So, we can calculate the net pay by using following formula:
Net Pay = $3,080 - $184.8 - $46.2 - $708
= $2,141
