Answer:
Cash A/c Dr $15,000
To Notes payable A/c $15,000
(Being the bank borrowing through a note payable is recorded)
Explanation:
The journal entry is shown below:
Cash A/c Dr $15,000
To Notes payable A/c $15,000
(Being the bank borrowing through a note payable is recorded)
This transaction increases the cash balance so the cash account should be debited and the note payable account should be credited as it creates a liability which is to be reflected in the balance sheet
The financial accounts can be of various types depending on their usage. Income statements are mostly used in the hospitality industry. Thus, option D is correct.
<h3>What are income statements?</h3>
Income statements are defined by the reports of the finances that record the income along with the expense of the company over a period of time. It is maintained annually or quarterly.
It can also be a profit and loss statement and is used in the hospitality industry to know the financial performance of the company in a record time. It includes expenses, revenues, and profits.
Therefore, option D. income statements are used extensively in the hospitality industry.
Learn more about income statements, here:
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Your question is incomplete, but most probably your full question was, This is used extensively in the hospitality industry as a means of control because it is results driven.
• Feedback
• Performance appraisals
• Budgets
• Income statements
Answer:
d. $73,778.50
Explanation:
Variable Cost = $11.07 per unit x 5,150 units = $57,010.50
Total Cost = $130,789
Fixed Cost = Total Cost - Variable Cost
Fixed Cost = $130,789 - $57,010.50
Fixed Cost = $73,778.50
Since Depreciation is the Fixed Cost and we have been given the Total Cost of the Project, so the Depreciation is already included in the Fixed Cost.
Hence Total Fixed Cost is equal to $73,778.50.