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lesya [120]
3 years ago
13

Kelly Jones and Tami Crawford borrowed $46,500 on a 7-month, 4% note from Gem State Bank to open their business, Wildhorse’s Cof

fee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
mel-nik [20]3 years ago
6 0

Answer:

Dr. Cash               $46,500

Cr. Note Payable $46,500

Explanation:

The funds received from the bond is a liability for the business. As cash is received against the liability, so to increase the cash balance we debited the cash account because cash is an asset and has debit nature. On the other hand, to record the liability we, have credited the note payable account because liability has credit nature.

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Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Each bottle is sold for $5. The company recently had the following costs to produce 12,000 units of its product during August:

(1) Rent of $5,000 on a billboard to help advertise the product

(2) Rent on factory and equipment of $8,000

(3) Total payroll for hourly-paid, factory workers $24,000

(4) Tomatoes, onions, spices, and bottles $18,000

(5) Total payroll for salaried, administrative staff $6,000

The company sold 8,000 units.

A) First, we need to calculate the total and unitary cost of production:

Total cost= direct material + direct labor + factory overhead

Total cost= tomatoes, onions, spices, and bottles + Total payroll for hourly-paid, factory workers + Rent on factory and equipment

Total cost= 18,000 + 24,000 + 8,000

TC= 50,000

Unitary cost= 50,000/12,000= $4.17 per bottle

Now, we can calculate the cost of goods sold:

COGS= unitary cost* units sold= 4.17*8,000= $33,360

B) Income statement:

Sales= 8,000*5= 40,000

COGS= (33,360)

Gross profit= 6,640

Selling expense= (5,000)

Administrative expense= (6,000)

Net operating income= (4,360)

C) Inventory= unitary cost* ending inventory in units

Inventory= 4.17*4,000= $16,680

4 0
3 years ago
Income elasticity of demand is
coldgirl [10]

Answer: Option (a) is correct.

Explanation:

Income elasticity of demand measures the responsiveness of quantity demanded with change in the income level of an individual.

Income\ elasticity\ of\ demand=\frac{percentage\ in\ quantity\ demanded}{percentage\ change\ in\ income}

Income of an individual has a positive relationship with the demand for normal goods and has a negative relationship with the demand for inferior goods.

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Zina [86]

Answer: people need food

Explanation:

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Answer:

b

Explanation:

A process is a collection of tasks,steps,or activities that are performed

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Fiesta28 [93]

Answer:

D.

Explanation:

A economic model can be used to explain or predict economic phenomena, because every model has to have key variables that command the economic decisions and operations.

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