Answer:
(i) $14,000
(ii) $32,000
(iii) $10,000
Explanation:
Cost of the machine that is recorded in the books of accounts is the total cost incurred to make the machine useful and useable.
Cost for each machine:
= amount paid for the assets + installation costs + renovation cost prior to use.
Therefore,
Cost of Machine A = 11,000 + 500 + 2,500
= $14,000
Cost of Machine B = 30,000 + 1,000 + 1,000
= $32,000
Cost of Machine C = 8000 + 500 + 1500
= $10,000
Answer:
(C) Pepin The Short
Explanation:
In 741AD, Pepin took over from his father as Mayor of the Palace. He ruled alongside his elder brother.
In 743AD, Pepin and his brother chose Childeric to be the <em>apparent</em> King of the Franks. Both brothers still wielded the functional power to the throne. Childeric was just to 'appear to be' the King (unknown to him though).
In 747AD, Pepin's brother stepped down (intentionally and on his own accord). Pepin then became the only ruler of the entire Frankish territory.
In 751AD, Pepin, without full support from his clan, lured Childeric into monastery in order to remove him as the 'face of Francia'.
Pope Zacharias helped Pepin to be proclaimed King of the Franks, against all opposition.
Answer:
The SRAS curve will shift to the right.
Explanation:
A decline in nominal wages will reduce the cost of hiring labor. The overall cost of production will reduce as well. The firms will be able to increase production and investment.
This increase in production and investment will increase the aggregate supply. As a result, the short-run aggregate supply curve will move to the right. This will cause the equilibrium price to fall and the equilibrium quantity to increase.
Answer:
false
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
While the market for lettuce sells identical items, there are many buyers and sellers
Answer:
b. Cash receipts journal.
Explanation:
When cash will be collected from customers net of discounts cash receipts journal will be used.
As at time of sale customers account will be debited and at the time when the payments will be received cash receipts journal will be debited and customer's account will be credited and accordingly, since cash is received and specific it is, General Journal will not be affected, and cash disbursements journal will also not be affected.
Also, as there are no purchases purchase journal will also not be affected, and sales journal will be affected at time of sale but not at he time of receiving payments from customers.
Thus, correct answer is
b. Cash receipts journal.
