Answer:
Dr Cash 4,116
Dr Sales discounts 84
Cr Accounts receivable 4,200
Explanation:
Vander Company Journal entry
Dr Cash 4,116
(4,200-82)
Dr Sales discounts 84
Cr Accounts receivable 4,200
Calculation of Sales discounts
4,200*2%
=84
Merchandise
(4,600-400)
=4,200
Answer:
B
Explanation:
Explicit cost is the actual cost incurred in running a business. They include wages, cost of raw materials
Implicit cost is also known as opportunity cost.
Opportunity cost or implicit is the cost of the option forgone when one alternative is chosen over other alternatives.
The normal rate of return is when cost is equal to revenue. So, profit is zero.
Economic profit = Revenue -explicit cost - implicit cost
0 = (200 x $2) - $350 - implicit cost
implicit cost = $50
Answer:
Explanation:
the diagram of circular flow, shows the graphical representation of the exchange of goods, services and money between two parties as are families and businesses, where families exchanged money for goods and services and the companies through these monies that they receive to acquire factors of production to provide to the families.
Answer:
b. fixed costs and a decrease in variable costs.
Explanation:
As decrease in work force will result in the decline in the variable cost because we pay our labor on the basis of the unit produced or work done. In case of automation work will be shifted to machinery which required a major portion of fixed cost. Increase in automation will lead to Increase in Fixed cost.
