Answer: See explanation
Explanation:
The general journal entries necessary to adjust the interest accounts at December 31 will be:
1. December 31:
Debit: Interest Expenses = $8,000 × 9% × 51/ 360 = $102
Credit: Interest payable = $102
(To accrue interest expenses for the note issued on November 10).
2. December 31:
Debit: Interest Expenses = $12,000 × 10% ×30/360 = $120
Credit: Interest payable = $120
(To accrue interest expenses for the note issued on December 1)
3. December 31:
Debit: Interest Expenses = $12,000 × 10% × 11/360 = $36.67
Credit: Interest payable = $36.67
(To accrue interest expenses for the note issued on December 20).
The answer has to be true
Answer:
See below
Explanation:
Per the above information,
Ending account receivable balance = Beginning account receivable + Credit sales - Collections - Written off amount
$93,000 = Beginning account receivable + $108,000 - $142,000 - $130
$93,000 = Beginning accounts receivable - $34,130
Beginning accounts receivable = $93,000 + $34,130 = $127,130
So, the beginning account receivable would be;
The ending accounts receivable is computed as;
= $930 ÷ 1%
= $93,000
Answer:
If effective, such a price floor would be <u>above</u> the market price and would lead to a <u>excess supply</u>.
Explanation:
A price floor can be described as a price control in which the minimum price to be charged for goods and services is imposed by a government or a group.
For a price floor to be effective and binding, it has to be set above the market or equilibrium price. This is because a price floor will neither be effective nor nonbinding when it set below the equilibrium price.
Any price above the equilibrium or market price creates or leads to excess supply. Excess supply is a situation whereby quantiy of commodity supplied is more than the quantity demanded of the commodity.
Based on the above explanation, if effective, such a price floor would be <u>above</u> the market price and would lead to a <u>excess supply</u>.
Answer:
(A) Shawn has a comparative advantage in the production of donuts.
Explanation:
Shawn renounce to less goods than Sue when producing donuts.
This meas, Shawn has a comparative advantage in the production of donuts as their cost from the economic point of view are lower.
This do not imply that Sue cannot outproduce Shawn, it means it cost her more than Shawn
For example, if Sue produce 10 Donuts, but to produce donuts resing to produce 20 of other goods, each donut has an opportunity cost of 2
While Shawn can produce 8 donuts and resing to produce 8 of other goods:
each donut has an opportunity cost of 1
Therefore, is better for the overall economy to Shawn produce donuts and trade with Sue for the other good.
