Answer:
Debit Notes Payable $45,000; debit Interest Payable $750; debit Interest Expense $750; credit Cash $46,500
Explanation:
The journal entry is given below:
Notes payable $45,000
Interest payable ($45,000 × 10% × 60 ÷ 360) $750
Interest expense ($45,000 × 10% × 60 ÷ 360) $750
To Cash $46,500
(Being payment of notes payable is recorded)
here note payable, interest payable, interest expense is debited as it increased the expenses and decreased the liabilities while on the other hand the cash is credited as it decreased the assets
The answer is <span>The start-up costs in a monopolistically competitive industry are low.</span>
Answer:
$4000
Explanation:
The total sales would the sum of credit sales and sales on cash basis,in effect total sales is $200,000($100,000+$100,000).
The estimate for allowance for uncollectible debt is 2% of total sales,which is $4000 (2%*$200,0000)
Hence,the correct answer in this case is $4000 and it implies that Sully Corporation intends to receive $96,000 in cash out of the debt to its by customers($100,000-$4,000)
Answer:
Those willing and able to pay for them.
Explanation:
The market system is based on the interplay of demand and supply forces this forces a system where the people who get the goods and services are those who are willing to pay for them.
Answer:
A. not change.
Explanation:
The formula to compute the break-even point in units is shown below:
= (Total Fixed cost) ÷ (Contribution margin per unit)
where,
Contribution margin per unit = Selling price per unit - Variable expense per unit
= $24 - $12
= $12 per unit
So, the break-even in units would be
= $385,000 ÷ $12 per unit
= 32,083 units
If the unit sales are 200 units less, the break-even point would be
= $385,000 ÷ $12 per unit
= 32,083 units
In both the case, the break-even point in units would remain the same. It has no impact on the unit sales
