Answer:
1. The Journal Entry
Sr. No Particulars Debit Credit
Tractor- Machinery $ 45000
Cash $6000
Notes Payable $ 39,000
The journal entry to record the acquisition of the tractor.
Working : Interest Expense Payable:
11% of 39,000= $ 4290
<u>2. Income Statement of 2021</u>
Revenues xxxxx
Less
Depreciation xxxxx
Interest Expense 4290
<u>Profit xxxx</u>
<u />
<u>2. Income Statement of 2022</u>
Revenues xxxxx
Less
Depreciation xxxxx
Interest Expense 4290
<u>Profit xxxx</u>
<u>3. Balance Sheet of 2021</u>
Debit Side
Truck $45000
<u>Less Depreciation xxxxx</u>
Credit Side
<u>Interest Payable 4290</u>
<u>3. Balance Sheet of 2022</u>
Debit Side
Truck $45000
<u>Less Depreciation xxxxx</u>
Credit Side
<u>Interest Payable 4290</u>
Answer:
Casey's opportunity cost of producing 1 kg of potatoes is 5 kg of steak.
Casey's opportunity cost of producing 1 kg of steak is 0.2 kg of potatoes.
Rick's opportunity cost of producing 1 kg of potatoes is 3 kg of steak.
Rick's opportunity cost of producing 1 kg of steak is 0.33 kg of potatoes.
Casey should produce steak while Rick should produce potatoes, since Rick has a comparative advantage in producing potatoes (lower opportunity cost) and Casey has a comparative advantage in producing steak.
As long as the price of steak per kilogram of potatoes is less than 5 kg of steak and more than 3 kg of steak, then both would win. In order for both of them to win is a similarly proportional way, the exchange price should be 4 kg of steak per kg of potatoes.
Answer:
Interest Rate=0.0635=6.35%
Explanation:
Given Data:
Money Borrowed last year=PV=$3,900
Future Payment as a lump sum payment=FV=$6,000
Total Number of years=n=7 years
Required:
Interest Rate=i=?
Solution:
Formula:
In our case, FV=$6,000, PV=$3,900, n=7
Interest Rate=0.0635=6.35%
The correct answer to this open question is the following.
Unfortunately, you did not attach the "questions below." So we do not know what they are or what they say.
However, trying to help, we can comment on the following.
The good I am most familiar with is oil because my father works in the oil industry.
Oil has an enormous economic utility because it literally "moves the world." Oil is used in almost every industry. We use it on a daily basis. First of all, we use gasoline in our cars. We use gas in our homes. Hotels, corporations, public service buildings use gas or gasoline in different forms.
Oil companies are one the most powerful industries in the world. Companies such as British Petroleum, Exxon, Mobile, Shell, and many others, are dominant industries in most of the countries. Some economies are based on oil and its fluctuant price.
Although governments are trying to move on and use alternative forms of energy that protect the environment, oil is still the most important form of energy on planet Earth.
Answer:
the net income is $92,800
Explanation:
The computation of the net income is given below:
Net income is
= Sales - cost of goods sold - tax rate on the remaining balance left
= $520,000 - $375,000 - (($520,000 - $375,000) ×0.36)
= $145,000 - $145,000 × 0.36
= $145,000 - $52,200
= $92,800
Hence, the net income is $92,800