Based on the cost of purchasing the machine and the delivery and installation fees, the initial outlay is $243,250
<h3>How much is the initial outlay?</h3>
This can be found as:
= Cost of purchasing machine + Installation and delivery cost
Solving gives:
= 237,500 + 5,750
= $243,250
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The singular thing which is important for modern firms to build and maintain by conducting ethical and transparent transactions is:
<h3>What is Consumer Trust?</h3>
This refers to the belief which a customer has in a particular business, usually because of its ethical and transparent practises.
With this in mind, we can see that if modern firms fail to build this consumer trust, then they stand the risk of losing their customer base to their competition.
Read more about consumer trust here:
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The answer is during the “1930s”. During the 1930s, the
federal government has anticipated a permanent, resilient part in the economy, backing
to its firmness and effectiveness. In the 1930s, America experienced the phenomenon
known as the “Great Depression”, wherein it was considered to be the extreme
economic catastrophe in the nation-state’s whole history. Because of this
catastrophe, it stretched out the governing influence of the federal government
and the administration’s part in the economy, which resulted into a more firm
and effective economy, till this present time.
Answer:
The wholesale cost for the pianos that Darnell pays the manufacturer - explicit cost
The salary Darnell could earn if he worked as an accountant - implicit cost
The wages and utility bills that Darnell pays - explicit cost
The rental income Darnell could receive if he chose to rent out his showroom.-implicit cost
Explanation:
Explicit cost includes the amount expended in running the business.
They include rent , salary and cost of raw materials
Explicit cost is used in determining accounting profit
Implicit cost or opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
Implicit cost is used in determining economic profit
If Darnell didn't use his showroom, he could have rented it out. Renting it out is his next best option that was forgone. Thus, it is an implicit cost
If Darnell didn't start his business, he could have been working as an accountant. The amount he could have earned as an accountant is his implicit cost
Answer:
Requirement: <em>Prepare journal entries to: (a) Accrue the salaries payable on December 31, b) Close the Salaries Expense account on December 31 (the account has a year-end balance of $250,000 after adjustments), (c) Record the salary payment on January 7</em>
Date Accounts title and Explanation Debit Credit
31-Dec Salaries expense $1,880
Salaries Payable $1,880
(To record accrued salaries )
31-Dec Retained Earnings $250,000
Salaries Expense $250000
(To close salaries expense account)
07-Jan Salaries Payable $1,880
Salaries expense $2,920
Cash $4,800
(To record payment of salary)
