Answer:
The amount of cash received by Banks Company is $34,300
Explanation:
The computation of the cash received by the bank company is shown below:
= Merchandise amount - discount
where,
Merchandise amount is $35,000
And, the discount equal to
= Merchandise amount × discount percentage
= $35,000 × 2%
= $700
Now put these values to the above formula
So, the value would equal to
= $35,000 - $700
= $34,300
Answer:
2,400 Yens
Explanation:
exchange rate for buying Japanese Yen is 12 Yens per Dollar
1 dollar : 12 Yens
how many Yens do you need to buy 200 Dollars for?
Let
x = number of Yens needed
200 dollars : x Yens
Equate the ratios to find x
1 dollar : 12 Yens = 200 dollars : x Yens
1/12 = 200/x
Cross product
1 * x = 12 * 200
x = 2,400
x = number of Yens needed = 2,400 Yens
Answer:
100 bushels of oranges
Explanation:
A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries.
for Greece
opportunity cost of producing oranges = 20 / 100 = 0.2
opportunity cost of producing tomatoes = 100/ 20 = 5
For turkey
opportunity cost of producing oranges = 30 / 40 = 0.75
opportunity cost of producing tomatoes = 40 / 30 = 1.33
Greece has a comparative advantage in the production of oranges. If it specialises in the production of oranges, it would produce 100 bushels
In a decision to either sell as is or process a product further, joint costs are considered irrelevant and process further costs are considered relevant.
The decision of whether to sell the product right away or wait to sell it in order to earn more money. Although we think that growing the business's income is great, we also need to make sure that the costs associated with the growth will be met. We must contrast the profit margin between selling now and selling later because additional processes will demand more resources and expenses.
Additionally, we need to make an effort to maximise the return on our investment. Additional processes might need more money spent on equipment. These factors require us to apply the sell or process further technique in order to choose the best course of action.
Typically, this scenario occurs in a joint product where one or more outputs can be generated and produce additional revenue. The joint products are produced at the same cost up until the point where they are divided and further sold or processed. Although the products can be sold at the split point, there are instances when continuing developing them is more profitable.
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Answer:
1. Prepaid insurance (Dr.) $6,300
Cash (Cr.) $6,300
2. Cash (Dr.) $15,300
Unearned Income (Cr.) $15,300
3. Purchases (Dr.) $1,750
Accounts payable (Cr.) $1,750
Cost of Goods Sold (Dr.) $1,620
Ending Inventory (Dr.) $130
Purchases (Cr.) $1,750
4. Prepaid office rent (Dr.) $6,300
Cash (Cr.) $6,300
Explanation:
The adjusting entry is a journal entry recorded at end of accounting period to adjust events or transactions to comply with the accrual concept.
The closing entries are journal entries required to close a transaction or event in the period. The purpose is to follow matching concept of accounting.
