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Anton [14]
3 years ago
14

12-month bank loan in the amount of $45,000 had been obtained by the country club on November 1. Interest is computed at an annu

al rate of 8 percent. The entire $45,000, plus all of the interest accrued over the 12-month life of the loan, is due in full on October 31 of the upcoming year. The necessary adjusting entry was made on November 30 to record the first month of accrued interest expense. However, no adjustment has been made to record interest expense accrued in December.

Business
1 answer:
Thepotemich [5.8K]3 years ago
7 0

Answer:

Debit: $300

Credit: $300

Explanation:

See attached picture for explanation.

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Use the cost and revenue data to answer the questions. Quantity Price Total revenue Total cost 10 90 900 675 15 80 1200 825 20 7
azamat

Answer:

Check the explanation

Explanation:

Marginal revenue is the revenue earned by selling an additional unit of output. Marginal Revenue for fifteenth unit of output is calculated as below.

Marginal Revenue= \frac{ATR}{AQ} =\frac{1200 - 900}{15 -10} = 60

Marginal Cost is the additional cost incurred on producing additional unit of output. Marginal Cost for fifteenth unit is calculated as below.

Marginal Cost= \frac{ATC}{ AQ} =\frac{825-675}{15-10} =30

The marginal revenue when the quantity is 25 is

The marginal Cost when the quantity is 15 is

The marginal profit of a monopoly is 0 when the marginal profit is equal to the marginal cost. The monopoly produces at an output where the marginal profit is equal to zero.

Thus, the output produced by the monopoly is

The corresponding price set is at $70.

120 units  

A perfectly competitive market produces an output where the marginal cost is equal to

the average revenue. Thus a competitive firm produces

The corresponding price is set at $50.

130 units)

The monopoly price $70 is higher than the competitive firm's price $50.

Hence, the correct option is

7 0
3 years ago
Muffin’s Masonry, Inc.’s, balance sheet lists net fixed assets as $18.00 million. The fixed assets could currently be sold for $
jeyben [28]

Answer:

                                     Book Value                          Market Value

Current Assets              $14 m                                        $14.95 m

Fixed Assets                  $18 m                                        $27 m

Total                               $32 m                                        $41.95 m

Explanation:

For book Value:

Net fixed assets=$18.00 million

Current Liabilities=$7.50 million

net working capital=$6.50 million

Formula:

Net working capital=Current assets-Current Liabilities

$6.50 million=Current assets-$7.50 million

Current Assets=$6.50+$7.50

Current Assets=$14 million

Total Assets=Net fixed assets+Current Assets

Total Assets=$18 m+$14 m

Total Assets=$32 m

For Market Value:

Net fixed assets=$27.00 million

Current Liabilities=$7.50 million

net working capital=$7.45 million

Formula:

Net working capital=Current assets-Current Liabilities

$7.45 million=Current assets-$7.50 million

Current Assets=$7.45+$7.50

Current Assets=$14.95 million

Total Assets=Net fixed assets+Current Assets

Total Assets=$27 m+$14.95 m

Total Assets=$41.95 m

                                     Book Value                          Market Value

Current Assets              $14 m                                        $14.95 m

Fixed Assets                  $18 m                                        $27 m

Total                               $32 m                                        $41.95 m

8 0
3 years ago
How did theodore roosevelt distinguish a "good" trust from a "bad" trust? a "good" trust was efficient, and had to be held to st
lisabon 2012 [21]

<span>According to Roosevelt, good trust stayed within reasonable bound whereas, "bad" trust hurt societies general welfare. Roosevelt insisted that it was essential to make the distinction between the two because he had a strong preference to regulate corporations for the public welfare rather than destroy them.</span>

8 0
3 years ago
Read 2 more answers
Airline F leases all its aircraft under finance leases. Airline O leases all its aircraft under operating leases. Assuming that
Usimov [2.4K]

Answer: e. Airline O has less lease assets at the inception of the lease

Explanation:

With operating leases, the entity leasing the asset or the lessee, does not get the rights to ownership of the asset being leased but instead simply pay a fee or sort of rent for leasing the asset.

With a finance lease however, ownership is passed to the lessee for the lease period and the lessee would have to depreciate the asset and record it in its books.

Airline O will therefore not record any assets but Airline F will. This means that Airline F will have more assets than O because it had to record its assets but O did not.

5 0
3 years ago
Contribution Income Statement and Cost-Volume-Profit Graph Picnic Time produces a picnic basket that is sold for $100 per unit.
Ira Lisetskai [31]

Answer:

Graph Picnic Time

Contribution Income Statement

For the Month of July

Sales                                               $400,000

Less variable costs:

Direct materials                              $100,000

Direct labor                                        60,000

Manufacturing overhead                  20,000

Selling and administrative                 16,000

Total variable costs                       $196,000

Contribution margin                     $204,000

Less fixed cost:

Manufacturing overhead $36,000

Selling and administrative 68,000

Total fixed costs                            $104,000

Profit                                              $100,000

Explanation:

a) Data and Calculations:

Selling price per picnic basket = $100

July Production and sales = 4,000 baskets

Variable Costs per Unit:

Manufacturing:

Direct materials              $25

Direct labor                        15  

Manufacturing overhead   5

Total                               $45

Selling and administrative 4

Total                               $49

Fixed Costs per Month

Manufacturing overhead $36,000

Selling and administrative  68,000

Total                                 $104,000

Contribution Income Statement

For the Month of July

Sales                                               $400,000 ($100 * 4,000)

Less variable costs:

Direct materials                              $100,000 ($24 * 4,000)

Direct labor                                        60,000 ($15 * 4,000)

Manufacturing overhead                  20,000 ($5 * 4,000)

Selling and administrative                 16,000($4 * 4,000)

Total variable costs                       $196,000

Contribution margin                     $204,000

Less fixed cost:

Manufacturing overhead $36,000

Selling and administrative 68,000

Total fixed costs                            $104,000

Profit                                              $100,000

8 0
3 years ago
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