Answer:
$1,000
Explanation:
the journal entry to record the purchase of the goods should be:
January 27, merchandise purchased on account, credit terms 2/10, n/30
Dr Merchandise inventory 1,000
Cr Accounts payable 1,000
the journal entry to record the payment of the invoice 13 days later should be:
Dr Accounts payable 1,000
Cr Cash 1,000
since the discount period is over, the invoice should be paid at full amount
Answer: C) $1.04/C$1
Explanation:
We define the inflation rate in a certain country as
- a rate at which the value of a currency is falling
- as a result the usual level of prices for goods and services keeps rising.
1 year ago the spot rate of U.S. dollars for Canadian dollars was $1/C$1.
That time inflation rate in US was 4% greater than in Canada.
So, the current spot exchange rate of U.S. dollars for Canadian dollars :
($1 + 4% of $1)/C$1
=($1+$0.04)/ C$1
=$1.04 / C$1
Hence, the correct option is C) $1.04/C$1
Answer:
b) $25
Explanation:
Marginal cost is the added expense incurred by undertaking an extra activity, be it selling or production. The marginal concept is applied to determine the viability of engaging in extra activity. Marginal cost is a result of an extra unit of input. It can be additional labor hour, extra worker, or an extra unit produced.
In this case, the marginal cost will be $25. It the extra expense incurred to complete the costume. Marginal cost is the additional cost beyond the expected arising from an extra activity.
Answer:
Implicit costs do not require a direct monetary outlay by the firm, whereas explicit costs do.
Explanation:
Rent, salary, and other operating expenses are considered explicit costs. They are all recorded within a firm's financial statements, meaning they are present and clearly shown or reported as a separate cost. The main difference between the two types of costs is that implicit costs are opportunity costs, meaning that it is present but it is not initially shown or reported as a separate cost, while explicit costs are expenses paid with a company's own tangible assets. In other words, explicit costs are always shown, implicit costs are not, at least initially, exactly like the meaning words suggest.
