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3 years ago

2. On January 1, 2017, Gaskin Cabinetry Company purchases $300,000 of equipment by paying $50,000 in cash and

Business

1 answer:

docker41 [41]3 years ago

7 0

Answer:

(a) Debit Equipment for $300,000; Credit Cash for $50,000; and Credit Mortgage Note for $250,000

(b) Debit Mortgage Note for $13,572; Deebit Interest expense - Mortgage for $32,500; Credit Cash for $46,072.

Explanation:

(a) Prepare the journal entry for the purchase of the equipment.

The journal entries will look as follows:

Date Accounts Name and Explanation Debit ($) Credit ($)

1 Jan 2017 Equipment 300,000

Cash 50,000

Mortgage Note 250,000

(To record purchase of the equipment.)

(b) Prepare the journal entry for the January 1, 2018 mortgage payment.

The journal entries will look as follows:

Date Accounts Name and Explanation Debit ($) Credit ($)

1 Jan 2018 Mortgage Note 13,572

Interest expense - Mortgage 32,500

Cash 46,072

(To record mortgage and interest payments.)

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In her presentation on improving employee morale, Jillian makes this statement: So far, you've heard only about the problems we

devlian [24]

Answer: Switching Directions

Explanation:

Jillian made use of the Switching direction verbal signpost during her presentation.

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4 years ago

A firm’s statement of values requires a lot of pruning. There are many acceptable values, but to be effective, the list must be

Galina-37 [17]

Answer:

Culture.

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Companies recruit candidates who are most likely to fit their culture. Studies have found that a good fit between a candidate's personality and the company's culture leads to better retention. Companies can also use hiring decisions and training to maintain their culture.

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3 years ago

2. A closer estimate of the total cost can be made by including the estimated sales tax. Use a formula to calculate the estimate

Kazeer [188]

Answer: Hello your question has some missing details hence I will provide an answer based on the general scope of your question

answer ; =([Cost] * 1.07)

Explanation:

Assuming the table heading for estimated cost in July 2014 is named "Cost"

Total estimated cost

Total = Cost * ( 1 + Sales Tax )

= Cost * ( 1 + 0.07 )

= Cost * 1.07

Excel equivalent formula used that can be used = ([Cost] * 1.07)

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3 years ago

There are 5 steps involved when defining a project; which of the following is the second?

const2013 [10]

Answer:

Establish project priorities

Explanation:

Option (c) Establish project priorities

The Establish project priorities helps in the smooth running of the project.

It deals with assigning the tasks involved in the project priorities. The priorities are assigned on the basis of the importance, resources required by the particular task, its effect on overall completion time of the project etc.

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3 years ago

Until recently, hamburgers at the city sports arena cost $ 2.50 each. The food concessionaire sold an average of 1750 hamburgers

Artyom0805 [142]

Answer:

(A) p = -0.002x +6; 0 ≤ x ≤ 3000

(B) R(x) = x(6 -0.002x); 0 ≤ x ≤ 3000

(D) (550, 2695), (1730, 4394.20)

(E) P(x) = -0.002x^2 +4.56x -1903

(F) increasing at $2.16 per hamburger

Explanation:

(A) The two-point form of the equation for a line can be used.

y = (y2 -y1)/(x2 -x1)(x -x1) +y1

The two points we have are ...

(x, p) = {(1750, 2.50), (1450, 3.10)}

so the equation is ...

p = (3.10 -2.50)/(1450 -1750)/(x -1750) +2.50

p = 0.6/-300(x -1750) +2.50

p = -0.002x +6

The domain of this function is where x and p are greater than 0. That will be for ...

0 ≤ x ≤ 3000

(B) Revenue is the product of burgers sold (x) and their price (p).

R(x) = xp

R(x) = x(6 -0.002x)

The domain of R(x) is 0 ≤ x ≤ 3000. This is the same as the domain of p(x).

___

(C) The cost function is the sum of fixed costs and variable costs:

C(x) = 1.44x +1903

(D) See the attachment for a graph of cost and revenue. The break-even points are (x, revenue) = (550, 2695), (1730, 4394.20).

(E) Profit is the difference between revenue and cost.

P(x) = R(x) - C(x) = x(6 -0.002x) -(1.44x +1903)

P(x) = -0.002x^2 +4.56x -1903

(F) The marginal profit is the derivative of the profit function:

P'(x) = -0.004x +4.56

P'(600) = -0.004(600) +4.56 = -2.40 +4.56 = 2.16

At a production level of 600, the profit is increasing at a rate of $2.16 per hamburger.

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3 years ago