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frosja888 [35]
3 years ago
12

Terapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23,4

00. 2. Provide services to customers and receive cash of $6,800. 3. Pay the current month's rent of $1,300. 4. Purchase office supplies on account for $1,000. 5. Pay employee salaries of $2,100 for the current month. Required:Record the transactions. Terapin uses the following accounts: Cash, Supplies, Equipment, Accounts Payable, Service Revenue, Rent Expense, and Salaries Expense.
Business
1 answer:
uysha [10]3 years ago
8 0

Answer:

Journal Entries

Journal 1 :

Equipment $23,400 (debit)

Cash $23,400 (credit)

Being Purchase of Equipment

Journal 2 :

Cash  $6,800 (debit)

Service Revenue  $6,800 (credit)

Being Service rendered for Cash

Journal 3 :

Salaries Expense $2,100  (debit)

Cash $2,100 (credit)

Being Salaries expense paid

Explanation:

Narrations have been provided to explain the transaction. Remember to use the account titles provided in accounting for the transactions.

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Charles lackey operates a bakery in Idaho, Falls Because of its excellent product location, demand has increased by 35% in the l
irina1246 [14]

Answer:

1) $0.27 per loaf of bread

2) $0.28 per loaf of bread

3) 3.7%

Explanation:

current production = 1,800 loaves per month

current labor expense = $8 per hour

constant utility cost = $800

ingredients per loaf = $0.40

multi-factor productivity = total output / (labor + materials + overhead)

current multi-factor productivity = 1,800 loaves / ($5,120 + $800 + $720) = $0.27 per loaf of bread

new output level = 1,800 x 1.35 = 2,430 loaves

new multi-factor productivity = 2,430 loaves / ($6,912 + $800 + $972) = $0.28 per loaf of bread

% increase = ($0.28 - $0.27) / $0.27 = 3.7%

6 0
3 years ago
On March 3, Cobra Inc. purchased a desk for $440 on account. On March 22, Cobra purchased another desk for $585 also on account,
alexdok [17]

Answer:

desks = 1,025

Explanation:

 440

<u>+585</u>

1,025

Notice:

We should add the cost of the two desk to get the total amount.

The debt or account payable at the moment doesn't reduce the valuation fo the desk.

The depreciation will. But we are not given with any numebr to calculate this, so we should ignore it for this assingment.

3 0
3 years ago
Charlie's brother, Alexander, also consumes apples (A) and bananas (B). Alexander's utility function happens to be U(A, B) = 5A
Andrei [34K]

Solution :

U(A, B) = 5A + 2B

a). Bundles (40, 5) = U ( _____ , 2), lie on the same indifference curve. Suppose missing numbers is x.

So, U(40, 5) = U(x, 2)

   (40 x 5) + (2 x 5) = 50x + (2 x 2)

     210 - 4  = 5x

       x = 41.2

So Alexander has 40 apples and 5 bananas. The indifference curve though (40, 5) also include bundle.

Therefore, (41.2, 2)

b). $MRS_{BA} = \frac{MU_B}{MU_A}$

                  $=\frac{\delta U/\delta B}{\delta U/\delta A}$

                  $=\frac{2}{5}$

                 = 0.4

So Alexander  has 40 apples and 5 bananas with this bundle. Alexander would like to give up 0.4 unit apples for a banana.

7 0
3 years ago
Based on the information given, indicate whether the following industry is best characterized by the model of perfect competitio
alina1380 [7]

Answer:

a- monopolistic competition

b- perfect competition

c- monopoly

d- oligopoly

Explanation:

Industry A is a monopolistically competitive industry

Industry B is a perfectly competitive industry

Industry C is a monopoly industry

Industry D is an oligopoly industry

6 0
3 years ago
Baden Company has gathered the following information. Units in beginning work in process 0 Units started into production 37,700
Flura [38]

Answer:

The materials equivalent units is 37,700

Conversion costs equivalent units is 32,480

Explanation:

The equivalent units of production for materials can be computed thus:

Description                   quantity           % of completion    Equivalent units

Completed units            29000              100                          29000

(37700-8700)

Ending inventory            8700                100                      <u>    8700</u>

total equivalent units for materials                                      37700

The equivalent units of production for conversion costs can be computed thus:

Description                   quantity           % of completion    Equivalent units

Completed units            29000              100                          29000

(37700-8700)

Ending inventory            8700                40                      <u>    3480 </u>

total equivalent units for conversion costs                       32480

I applied 100% percentage of completion to ending inventory when determining materials equivalent units and 40% percentage completion when determining equivalent units for conversion cots  as it given in the question

6 0
3 years ago
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