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Arturiano [62]
3 years ago
9

Elegant Limited sells restored classic cars. Most of its customers are private buyers who buy cars for

Business
1 answer:
nexus9112 [7]3 years ago
8 0

Answer:

Elegant Limited

a) Association for the sales of cars based on the REA model:

The association indicates the relationships that exist between economic agents in the sales of cars.  The relationships are between the seller (Elegant Limited) and the buyers or customers (private buyers and investors).  The association based on the REA model is that each economic agent exchanges some economic resources during an economic event.  Elegant Limited will give cars to customers in exchange for cash or initially and in some cases, a promise to pay cash later.  This is an economic event.  When the customer pays, another economic event takes place, and resources are also exchanged.

b) Cardinality of the sales of cars:  The cardinality defines the elements involved in the sales of cars based on the REA model.  The elements are the economic resources (cars and cash), the economic events or business transactions that take place (sales of cars and payment of cash), and the economic agents (Elegant Limited and customers) who make the events and the exchange of resources to happen.

Explanation:

The REA model is a framework for defining business processes.  It was originally proposed in 1982 by William E. McCarthy as a generalized accounting model, and contained the concepts of resources, events, and agents.  It proposed to replace accounting objects like assets and liabilities with real-life objects, including:

1) goods, services or money, or resources

2) business transactions or agreements that affect resources, events

3) people or other human agencies (other companies, etc.), agents.

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The following 3 questions are based on this information. Kings Department Store has 625 rubies, 800 diamonds, and 700 emeralds f
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Answer:

129 bracelets and 59 necklaces.

Explanation:

Kings departments store wants to maximize profit by making a combination of its two products necklaces and bracelets. The King store should use a strategy so that it can generate maximum profit with its available rubies, diamonds and emeralds.  

$250a + $500b = Maximum Profit

For rubies : 2a + 5b = 625

For Diamonds : 3a + 7b = 800

For Emeralds: 4a + 3b = 700

Solving the equation we get maximum profit value of $61,750.The King departments stores should make 129 bracelets and 59 necklaces which will bring maximum profit to the store.

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3 years ago
Amex Corporation invests excess cash to purchase $25,000 in corporate bonds on March 30, 2018. In addition to the $25,000, Amex
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Answer:

b. a debit to Held-to-Maturity Debt Investments for $26,000

Explanation:

Investment in corporate bonds is considered as Held-to-Maturity Debt investments.

Date           Accounts Title and Explanation                Debit       Credit

30 Mar 18   Held-to-Maturity Debt investments          $26,000

                   [$25,000 + $1,000)

                           Cash                                                                     $26,000

                  (To record an investment in bonds)

Therefore, in the journal entry, it is debited to Held-to-Maturity Debt investments for $26,000

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3 years ago
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3 years ago
Acme-Jones Corporation uses a weighted-average perpetual inventory system. August 2, 24 units were purchased at $23 per unit. Au
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Answer:

Cost of goods sold= $816

Explanation:

Giving the following information:

Acme-Jones Corporation uses a weighted-average perpetual inventory system.

August 2: 24 units were purchased at $23 per unit.

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On August 29: 34 units were sold.

Weighted-average= (23 + 25)/2= $24

Cost of goods sold= 34*24= $816

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3 years ago
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