Answer: $369,500
Explanation:
The Cost concept of accounting calls for the recording of Assets at their cost.
Clementine Repair services offered to buy the land at $350,500 when it was priced at $388,500.
The seller countered with $369,500 and Clementine accepted this.
This means that Clementine bought the land for $369,500 which makes it the cost price.
They should therefore record it at $369,500.
Answer:
10,000 common stock.
The EPS = earnings per share = Earnings before tax divided by outstanding common stock in issue
The balance in Cash at February 28 = $44900
<u>Explanation:</u>
Given:
Cash invested by stockholders of Bonita Enterprises = $49500
Cash revenues of Bonita = $10100
Expenses paid by Bonita = $14700
Calculation of balance in cash as follows:
The balance in Cash at February 28 = Cash Invested + Cash Revenues - Paid Expense=$ 49,500 + $ 10100 - $ 14,700= $ 44900
Hence the correct answer is $44900
Answer:
Imports create greater competition in the domestic marketplace.
Explanation:
Comparative advantage is defined as the ability of a company to produce goods at a lower opportunity cost than other competitors. They can now sell the goods at lower prices.
If the company in this scenario have competitive advantage in producing electronics then it is xheap for them to produce.
When they export electronics and import again, it can only mean that the imported electronics have a competitive edge that the company wants to take advantage of. For example higher quality than what is available locally.
Answer:
a.
Date Account Title Debit Credit
Dec. 31, 2017 Insurance expense $2,600
Prepaid insurance $2,600
b.
Date Account Title Debit Credit
Dec. 31, 2017 Supplies Expense $9,700
Supplies $9,700
<u>Working</u>
Supplies = Beginning balance + Purchases - Closing balance
= 7,800 + 3,400 - 1,500
= $9,700
