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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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You are a self-employed profit-maximizing consultant specializing in monopolies. Five firms are currently seeking your advice, a
djverab [1.8K]

Answer:

The answer is option A) The short run recommendation for a monopolistic firm is to remain at the current output level

Explanation:

In the short run, monopolistic firms could record losses but still continue to run in anticipation of a sustainable profit in the long run.

A self-employed profit-maximizing consultant specializing in monopolies understands that the short run losses experienced in a monopoly is also an advantage in that it reduces the participation of more players in the same industry/ market segment.

The best recommendation would be to remain at the current output level during the short run to cut losses, sustain patronage and then develop a long term strategy that will guarantee profitability in the long run.

6 0
3 years ago
Cycles de Oro produces 120,000 high-tek bikes a year and orders the brake assembly from IKON for $15.40 each. The order cost is
Ket [755]

Answer:

$3,412

Explanation:

The computation of the economic order quantity is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

= \sqrt{\frac{2\times \text{120,000}\times \text{\$84}}{\text{\$2.31}}}

= 2,954 units

The carrying cost is

= $15.40 × 15%

= $2.31

The number of orders would be equal to

= Annual demand ÷ economic order quantity

= 120,000 ÷ 2,954 units

= 40.62 orders

Now The total cost of ordering cost is

Ordering cost = Number of orders × ordering cost per order

= 40.62 orders × $ 84

= $3,412

3 0
3 years ago
You work as a salesperson for a chemical manufacturer, which keeps you very busy. Your customers are photographers who use your
ELEN [110]
I think the answer is B
7 0
3 years ago
John receives a marginal benefit of $80 from one missile. Nick receives a marginal benefit of $50 from one missile. Christina re
swat32

Answer:

Economy's marginal social benefit=$65

Explanation:

The economy's marginal social benefit can be calculated by getting the average of the individual marginal benefit.

This can be expressed as;

Economy's marginal social benefit=Sum of individual marginal benefit/Total number of individual's

where;

Sum of individual marginal benefit=John's marginal benefit+Nick's marginal benefit+Christina's marginal benefit=(80+50+65)=$195

Total number of individuals=3

replacing;

Economy's marginal social benefit=195/3=65

Economy's marginal social benefit=$65

7 0
3 years ago
Pittsburg Steel Manufacturing has a weighted-average unit contribution margin of $20 for its two products, Standard and Supreme.
pickupchik [31]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

The weighted-average unit contribution margin of $20.

Expected sales for Pittsburg Steel are 40,000 Standard and 60,000 Supreme.

Fixed expenses are $1,800,000

First, we need to calculate the break-even point in units for the whole company.

Break-even point (units)= Total fixed costs / Weighted average contribution margin ratio

Break-even point (units)= 1,800,000/20

Break-even point (units)=90,000 units

<u>Now, for each product:</u>

Standard= (40,000/100,000)*90,000= 36,000 units

Supreme= (60,000/100,000)*90,000= 54,000 units

5 0
3 years ago
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