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Dvinal [7]
3 years ago
8

Knowledge Check 01 Simpson Company purchased $900 of equipment by paying cash and recorded the expenditure as a purchase of land

. The error was discovered a week later. Prepare the two journal entries required to correct the error. (First, reverse the error and then record the appropriate entry.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
aniked [119]3 years ago
6 0

Answer:

Dr Cash900

Cr Land900

Dr.Equipment 900

Cr Cash 900

Explanation:

Simpson Company Journal entries required to correct the error that occured, in which expenditure was credited to Cash, but was debited to Land instead of Equipment.

Dr Cash900

Cr Land 900

To reverse erroneous entry

Dr.Equipment900

Cr Cash 900

To record correct entry

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The landlord of an office building charges tenants $150 per hour for extra HVAC usage after hours. During the last three years,
lidiya [134]

Answer:

$78,375

Explanation:

Actual HVAC usage = 500 + (500 × 10%) = 500 + 50 = 550

Total HVAC income before credit loss = 550 × $150 = $82,500

Total HVAC income before credit loss =  $82,500 - ($82,500 × 5%) = $82,500 - $4,125 = $78,375

Therefore, the approximate heating, ventilation, and air conditioning (HVAC) revenue the landlord will realize is $78,375.

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3 years ago
Suppose that when the price of a certain commodity is p dollars per unit, then x hundred units will be purchased by consumers, w
Nataly_w [17]

Answer:

Profit = TR- TC
= x (P) - C(x)
= x(-0.05x+38) - (0.02x^{2} + 3x + 574.77)
= -0.05x^{2} + 38x - 0.02x^{2} - 3x - 574.77
= -0.07x^{2} + 35x -574.77

This profit equation is an equation of a parabola that opens downward (Since A=-0.07<0) and has its vertex at

x= -\frac{B}{2A}  = -\frac{35}{2 (-0.07)}  = 250

Thus, revenue is maximized when x=250 hundred units. At this quantity maximum profit is

P(250)=3800.23 hundred dollars

b. Profits are maximised at x=250 hundred units. The per unit price at this is,

p= -0.05x + 38&#10;= -0.05 (250) + 38&#10;= $25.5


7 0
3 years ago
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3 years ago
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Olenka [21]

Answer:

18.24%

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Annual rate of return is used in determining the return on an investment over a 12 month or one year period.

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future value = 2150

present cost = 1100

n = number of years = 4

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