Answer:
Debit Building $338,000
Credit Cash $58,000
Credit Notes Payable $280,000
Explanation:
Preparation of the journal entry to Record the purchase of the building on January 1, 2021.
Based on the information given we were told that the company purchases an office building for the amount of $338,000 which means that if they paid $58,000 down and as well borrowed the remaining amount of $280,000 the journal entry to Record the purchase of the building on January 1, 2021 will be :
Debit Building $338,000
Credit Cash $58,000
Credit Notes Payable $280,000
(Being to record the purchase of building)
Answer:
The Journal entries with their narrations of Jesse’s investment and Tim’s investment is shown below:-
Explanation:
a. Jesse’s investment
Accounts Receivable Dr, $41,600
($45,000 - $3,400)
Agreed price of equipment Dr, $68,200
To allowance for doubtful debts $1,600
To capital account $108,200
(Being Jesse's investment is recorded)
b. Tim’s investment
Cash Dr, $22,000
Agreed price of inventory Dr, $49,000
To Tim capital $71,000
(Being Tim's investment is recorded)
Answer:
$75,000
This option has not been provided
Explanation:
Cash provided by operating activities
Net Operating Income
Add: Depreciation
Add: Decrease in current assets
Add: Increase in Current Liabilities
Using the information in question, we have
Cash Provided by operating activities = $57,000 + $5,000 + $4,000 + $9,000 = $75,000
None of the above is the right answer as the correct option is not available.
Answer: A consequence of their failure is that, relative to the outcome the vendors would like,
<em><u>(i) the quantity of hot dogs supplied is closer to the socially optimal level. </u></em>
<em><u>(ii) the price of hot dogs is closer to marginal cost. </u></em>
In this case the hot vendor are relatively creating externalities. i.e. Hot dog vendors on the beach fail to cooperate with one another on the quantity of hot dogs they should sell to earn monopoly profits.
