Answer:
b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120
Explanation:
The last payment of $12,000 it's without discount because was not made within the 10 days, so it's necessary to Debit Cash by $12,000 and reverse the accrual for the remaining $120 discount offered not applied.
The it's necessary to record this entry:
b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120
Answer:
4. Amounts owed to suppliers
Explanation:
We know that
Balance sheet comprises of assets, liabilities and the stockholder equity
The assets could be classified into current asset, fixed asset, and the intangible assets
While the liabilities are also classified into current liabilities and the long term liabilities
The account receivable, equipment, supplies have come on the asset side of the balance sheet whereas the account payable or amount owed to suppliers have come on the liabilities side of the balance sheet
So, the most appropriate option is 4.
Answer:
$8,884
Explanation:
The computation of the economic profit is shown below:
= Received amount - dance earnings - insurance paid - music and licensing fees - boom box - rent and utilities
= $60,480 - $34,000 - $4,300 - $1,846 - $150 - $11,300
= $8,884
The economic profit is come from subtracting the explicit cost, implicit cost from the revenue earned and the same is reflected above
Answer:
Option E Price Escalation
Explanation:
Price Escalation is when the government imposes additional taxes on the product which is exported to their country, this makes the product expensive and the customer as a result don't buys that product. Such type of increases in prices are known as price escalation.
Answer:
produces
increases
trade-offs
Explanation:
The law of increasing opportunity cost states that when firms decide to make additional units of a certain product by reallocating resources, they do that at a higher opportunity cost than the previous production. The major traceable reason for this is inefficiency in resource reallocation.
This increase in opportunity cost is associated with increasing and increasing trade-off.
