Answer:
a. Debit to Notes Receivable
Explanation:
Journal entry for selling an asset in return for notes receivable is;
Notes Receivable A/c Dr.
To Asset A/C
In the given case, an aircraft is sold in exchange for a note receivable. The journal entry would be:
12% Notes Receivable A/C Dr. $380,000
To Aircraft $380,000
(Being notes receivable received in exchange for aircraft sold being recorded)
Notes Receivable is an asset for the receiver as it represents amount which is due to be received. Whenever an asset account is debited, it increases their balance.
Aircraft is an asset. When an asset is sold, it is credited. Here the asset being a movable asset.
Sales = 509,600
Costs = 448,150
Gross profit = Sales - Costs
Gross profit = 509600-448150 = 61,450
Depreciation expense = 36,100
EBIT = Gross profit - Depreciation
EBIT = 61,450 - 36,100 = 25,350
Interest = 12,400
EBT = EBIT - Interest expense = 25,350 -12,400 = 12,950
Net income = EBT*(1-tax rate)
Net Income = 12,950*(1-0.28) = 9,324
Net Income = $9,324
The profit maximization is derived at the point where the marginal revenue product of labor is equal to the marginal factor cost of labor.
Reason :
The profit maximization level is the point at which marginal cost equals marginal revenue. In this case, the marginal cost of labor is the labor wage. Thus, the profit maximization point for the employer is the point at which wage equals the marginal revenue product of labor.
What is the marginal revenue product of labour equal to?
The marginal revenue product of a worker is equal to the product of the marginal product of labor (MPL) and the marginal revenue (MR) of output, given by MR×MPL = MRPL. This can be used to determine the optimal number of workers to employ at an exogenous determined market wage rate.
What is the derived demand of labor curve?
The firm's demand for labor is a derived demand; it is derived from the demand for the firm's output. If demand for the firm's output increases, the firm will demand more labor and will hire more workers. If demand for the firm's output falls, the firm will demand less labor and will reduce its work force.
Learn more about Marginal revenue :
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Answer:
First National Bank = 14.6%
First United Bank.= = 14.8%
Explanation:
<em>Effective annual rate is the equivalent annual rate o where interest rate is compounded at an interval shorter than a year.</em>
It can be calculated as follows:
EAR = ( (1+r)^(n) -1) × 100
r -interest rate per period
n- number of period
EAR - Effective annual rate
First National Bank
r - interest rate per month = 13.7%/12 = 1.141%
number of period = 12 months
EAR =( (1+011141)^(12) - 1) × 100
= 0.145938395 × 100
= 14.59
= 14.6%
First United Bank.
r- interest rate per quarter - 14%/4 = 3.5% per quarter
n- number of quarters = 4
EAR = ((1+0.035)^(4)- 1) × 100
= 0.147523001 × 100
= 14.8%
Answer:
b. $48,000
Explanation:
According to the given situation the computation of accounts receivable balance is shown below:-
Jan Feb Mar April
Sales $120,000 $140,000 $150,000
Cash Sales
at 20% $24,000 $28,000 $30,000
Credit Sales
at 80% $96,000 $112,000 $120,000
Collection in same
month at 60% $57,600 $67,200 $72,000
Collection in next
month at 40% $50,000 $38,400 $44,800 $48,000
Therefore the accounts receivable balance as of March 31 is $48,000
