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3 years ago

The following transactions were selected from the records of Evergreen Company:

Business

1 answer:

Bezzdna [24]3 years ago

4 0

Answer:

The amount of revenue to be reported for the m/o July -31 = $8850.

Explanation:

July-12. Account Receivable = $ 940

July-16. Account Receivable = $ 4940

July-19. Account Receivable = $ 2970

July-23. Account Receivable = (4940-4940)=$0 (due to cash received)

July-31. Account receivable= (2970-2970)=$0. (due to cash received)

Sales

Sales to wally = $940

Sales to Claudio = $4940

Sales to Otto =<u> $2970</u>

Total sales = $8850.

Cost of goods sold

Cost of sales to wally = $570

Cost of sales to Claudio = $3470

Cost of sales to Otto = <u>$1870</u>

Total Cost of sales $5910

Gross profit = Sales - cost of sales = 8850 - 5910 = $ 2940.

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Huey sold a warehouse with an original cost of $150,000 for $230,000 to an S corp where he owns a 51% interest. The S corp will

MAVERICK [17]

Answer:

$2,700

Explanation:

First, we need to determine the value of the warehouse at sale.

Current value = $150,000 - $40,000

= $110,000

The gain or loss = Selling price - Current value

= $230,000 - $110,000

= $120,000.

We will also determine the partnership interest amount, which is;

= 51% × $230,000

= $117,300

This means that the interest value of $117,300 will be used to buy off the warehouse.

Hence, Huey's gain and taxable gain will be;

= $120,000 - $117,300

= $2,700

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2 years ago

For product X, the price elasticity of demand has an absolute value of 3.5. This means that quantity demanded will increase by

cluponka [151]

It means that quantity demanded will increase by 3.5% for every 1% decrease in price.

<h3>What is the price elasticity of demand?</h3>

Price elasticity of demand measures the percentage change in quantity demanded when the price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes. When price increases, quantity demanded decreases by more of than the percentage change in price. When price increases, the quantity demanded declines.

To learn more about price elasticity of demand, please check: brainly.com/question/18850846

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2 years ago

Newcastle Coal Co. owns a warehouse that it is not currently using. It could sell the warehouse for $300,000 or use the warehous

Fed [463]

Answer:

A) Yes, because the firm could sell the warehouse if it didn’t use it for the new project.

Explanation:

The option A is correct in our scenario, because the firm still have the option to sale the warehouse even they want to use it for the new project.
The option B is not correct as the cost of warehouse is not sunk cost, such a cost that has been utilized and can't be recovered, but we can sale the warehouse and get the payment.
The option C is incorrect as once the project is complete then it would be a part of that project so they will not sale the warehouse.

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3 years ago

Which of the following items are included in official U.S. GDP statistics? Instructions: In order to receive full credit, you mu

elena-14-01-66 [18.8K]

Answer:

Included in GDP

Money spent to clean up a toxic waste site in Ohio.

Andre paying Ted for a haircut in Chicago

Revenue generated by legal medical marijuana sales in California.

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports – imports

Items not included in the calculation off GDP includes:

1. services not rendered to oneself

2. Activities not reported to the government

3. illegal activities

4. sale or purchase of used products

5. sale or purchase of intermediate products

Money spent to clean up a toxic waste site in Ohio is part of government spending and it would be added in GDP

Andre paying Ted for a haircut in Chicago is part of consumption spending and it would be added as part of GDP

Revenue generated by legal medical marijuana sales in California is part of consumption spending and it would be added as part of GDP

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2 years ago

Imagine the tea market has a demand function of QDX = 10 – 2PX and a supply function of QSX = PX − 2, where PX is the price of t

scoundrel [369]

Answer:

Call me 7061528052 call me at the end of the most important thing is that the only way to get to see the place of business and the rest of the most important thing is that the total number of

Explanation:

Call me 7061528052 call me at the end of the most important thing is that the only way to get to see the place of business and the rest of the most important thing is that the only way to get to see the place

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2 years ago