Shoemaker Corporation Journal Entries
1. April 01, 2021
Dr Notes receivable 600,000
Cr Cash600,000
2. December 31,2021
Dr Interest receivable 42,075
Cr Interest revenue 42,075
3. April 01, 2019
Dr Cash 566,100
Cr Notes receivable 510,000
Cr Interest receivable 42,075
CrInterest revenue 14,025
Workings:
2.Interest revenue: $510,000 × 11% × 9/12 = $42,075
3.Interest revenue: $510,000 × 11% × 3/12 = $14,025
42,075+ 14,025=56,100
510,000+ 56,100= 566,100
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Answer: the modification adds distinct goods or services at a price that reflects their stand-alone selling price.
Explanation:
When multiple goods or services are offered in the same contract they are not usually given their standalone price but rather a contract price that is less as a form of discount for getting all the goods at the same time.
When a modification is added however, that reflects the standalone price of goods added, the contract has to account for the contract modification because there are now multiple pricing conventions and this needs to be accounted for.
Answer:
salespeople
Explanation:
In the context, Tara wishes to buy new shoes for her work. She went to shoe shop and try out different shoes. The salesperson is helping her a lot in finding out her new pair of shoes and is also showing Tara some of the latest designs that are available in the shop.
The salesperson is polite and helpful to her. Tara found out that the salesperson also belonged to the same university where Tara studied. And she ended up in buying three pair of shoes instead of one. This shows the effect of the salesperson on the consumer behavior of Tara.
Answer:
The price elasticity of supply is about <u>0.87</u>.
Explanation:
The price elasticity of supply is the degree of responsiveness of quantity supplied to the change in price.
The midpoint method of calculating the price elasticity of supply uses the average percentage change in both quantity and price, and this is given as follows:
Price elasticity of supply = Percentage change in supplied / Percentage change in price
We therefore apply this as follows:
Percentage change in quantity supplied = {(New supply - Old supply) / [(New supply + Old supply) / 2]} * 100 = {(170 - 150) / [(170 + 150) / 2]} * 100 = 12.50%
Percentage change in price = {(New price - Old price) / [(New price + Old price) / 2]} * 100 = {(1.50 - 1.3) / [(1.50 + 1.30) / 2]} * 100 = 14.29%
Therefore, we have:
Price elasticity of supply = Percentage change in supplied / Percentage change in price = 12.50% / 14.29% = 0.87
Therefore, the price elasticity of supply is about <u>0.87</u>.
Note that since the price elasticity of demand of about 0.87 is less than 1, it implies that the relationship between the quantity demanded and the price is inelastic.
