Answer:
Dr Interest Expense account 10,000
Cr Cash account 10,000
Explanation:
We have to calculate how much interest did the company paid = $100,000 x 10/12 x 12% = $10,000
Then we must record the journal entries
- Dr Interest Expense account 10,000
- Cr Cash account 10,000
Since cash is an asset and it decreases, then it should be credited.
Since interest is an expense and it increases, it should be debited.
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Answer: Option C
Explanation: In simple words, inelastic demand refers to a situation when the demand of the buyer does not change as per the price of the commodity. Thus, the price does not increase or decrease with decrease or increase in demand.
Hence the farmers should decrease the supply as there would be no profit for them to supply a product that has an inelastic demand.
Answer:
a. 550,000
Explanation:
The gain on the asset is calculated by the sales proceeds minus the original cost of the asset.
In this question the home' initial cost is $200,000 and it is sold on $750,000. In absence of any unusual or hardship circumstances, the direct gains is $550,000 ( $750,000 - $200,000) as all the closing costs are paid by the buyer, so, Barney ans Betty should include the whole gain of $550,000 in the gross income.
Answer:
The correct answer is letter "B": It formalizes the logistics agreed upon by the roommates in the case of a dispute.
Explanation:
Roommate relationships might not always be harmonious. In most cases, people have roommates with the only purpose of sharing rent expenses. Aside from that, they are unlikely to have another bond. Thus, some conflicts could arise as a result of dealing with strangers.
To avoid major inconveniences, a roommate agreement should be signed among the individuals sharing the apartment so in the document, they formally establish the responsibilities and limits they have by sharing the same department and, in front of problems, the document will make it easier to determine who could be at fault.
