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Leona [35]
3 years ago
8

Jeff Company issues a promissory note to David Company to get extended time on an account payable. David records this transactio

n by debiting
A. Notes Receivable and crediting Accounts Receivable.

B. Notes Payable and crediting Accounts Payable.

C. Accounts Receivable and crediting Notes Receivable.

D. Accounts Payable and crediting Notes Payable.
Business
2 answers:
victus00 [196]3 years ago
6 0
Jeff Company issues a promissory note to David Company to get extended time on an account payable. David records this transaction by debiting <span>Accounts Payable and crediting Notes Payable.

Hope this helps!!</span>
Olegator [25]3 years ago
6 0

C. Accounts Receivable and crediting Notes Receivable.

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Virtually every business has variable expenses, which move up and down in tight proportion with changes in sales volume or sales
TiliK225 [7]

Answer and Explanation:

Dynamic expenses are pointed to as operating expenses that are the production cost and important to run a business.

common example of the variable cost that depends on sales volume.

  • The cost of goods sold, that is the equivalent of goods sold to consumers.
  • Commissions charged from their selling to salespersons.
  • Fees charged by a company when a customer requires a credit or debit card.

so, we say that when a business increase or decrease their sale volume, their variable cost also gets affected.

3 0
3 years ago
(Learning Objective 4: Construct the financial statements) Suppose Robin Sporting
Tanya [424]

Answer:

Robin Sporting  Goods Company

1. Single-step Income Statement for the year ended July 31, 2018:

Net revenues .................                           $191,000

Cost of goods sold.................   136,800

All other expenses.........           29,000   165,800

Net Income                                             $25,200

2. Statement of retained earnings for the year ended July 31, 2018:

Retained earnings,  July 31, 2017 ............ $31,500

Net Income                                             $25,200

Dividends..............................                          0

Retained earnings,  July 31, 2018          $56,700

3. Report Format Classified Balance Sheet as of July 31, 2018:

Assets

Current assets:

Cash......................................         $50,000

Accounts receivable.......            34,000

Inventories ............................         36,000

Other current assets ......             5,000     $125,000

Long-term assets:

Other assets...................              30,000

Property and equipment, net ... 19,400       $49,400

Total assets                                                 $174,400

Liabilities + Equity

Total current liabilities...........                       $80,000

Long-term liabilities..............                             11,700

Total liabilities                                              $91,700

Common stock......................         $26,000

Retained Earnings, July 31, 2018 56,700 $82,700

Total liabilities + Equity                             $174,400

Explanation:

a) Data and Calculations:

Trial Balance as of July 31, 2018:

Accounts Titles                            Debit          Credit

Cash......................................         $50,000

Accounts receivable.......            34,000

Inventories ............................         36,000

Other current assets ......             5,000

Other assets...................              30,000

Property and equipment, net ... 19,400

Total current liabilities...........                   $ 80,000

Long-term liabilities..............                          11,700

Common stock......................                        26,000

Retained earnings,  July 31, 2017 ............    31,500

Net revenues .................                             191,000

Cost of goods sold.................   136,800

Dividends..............................        0

All other expenses.........          29,000

Totals                                  $340,200  $340,200

b) Linkages to the three statements:

Income statement is linked to the Statement of Retained Earnings by the Net Income.  The Statement of Retained Earnings is linked to the Balance Sheet by the Retained Earnings of July 31, 2018.  There is no ability to draw arrows here.

8 0
2 years ago
Which of the following expressions is correct?A. economic profit = total revenue - implicit costsB. accounting profit = economic
Ilya [14]

Answer:

B. accounting profit = economic profit + implicit costs

Explanation:

Implicit cost are the cost that already incurred but is not necessary to report such as opportunity cost. Whereas explicit cost are those expenses which involve the financial transaction and it is being paid.

Accounting profit is calculated by deducting the explicit cost from the revenue as follow.

* Accounting Profit = Revenue - Explicit cost

Economic profit is calculated by deducting both explicit and implicit costs from revenue.

Economic Profit = Revenue - Explicit costs - Implicit cost

So, using Accounting profit formula we conclude that

Economic Profit = (Revenue - Explicit costs) - Implicit cost

Economic Profit = *Accounting profit - Implicit costs

Accounting Profit = Economic profit + implicit cost

7 0
3 years ago
whole number. a. Before the tax is imposed, the equilibrium price is $ 1.5 per bottle and the equilibrium quantity is 4 billion
Sonbull [250]

Answer: hello your question is poorly structured attached below is the missing graph and missing part of the question

Assume the government imposes a $1.00 excise tax on the sale of every 2 liter bottle of soda. The tax is to be paid by the producers of soda. The figure below shows the annual market for 2 liter bottles of soda before and after the tax is imposed.

answer :

a) $2 , 4 billion

b) $2.5

c) $1.5

d) 3 billion

e) $3 billion

Explanation:

a) equilibrium price = $2 per bottle

   equilibrium quantity = 4 billion bottles

<u>b) After imposition of excise tax </u>

consumers will pay = $2.5

<u>c) The amount producers keep after the imposition of taxes </u>

= $2.5 - tax

= 2.5 - 1 = $1.5

<u>d) New equilibrium quantity ( after tax is imposed ) </u>

= 3 billion bottles ( from graph attached ) i.e. intersection of S2 and D

e)<u> Amount of tax revenue collected by the government from the imposition of tax </u>

= quantity  of bottles sold  * $1

= 3 billion * $1 =  $3 billion

   

6 0
3 years ago
Fixed expenses are $625,000 per month. The company is currently selling 9,000 units per month. The marketing manager would like
Lubov Fominskaja [6]

Answer:

Decrease of $40,800 after introducing new marketing policy

Explanation:

As per the data given in the question,

Profit = Sales - Total cost

= 9,000 × $100 - ( 9,000 × $20 + $625,000)

= $95,000

To calculate new profit:

New unit = 9,000 + 800 = 9,800 units

Selling price = $100 - $6 = $94 per unit

Fixed cost = $625,000 + $46,000

= $671,000

Now Profit = $94 × 9,800 - ($20 × 9,800 + $671,000)

= $54,200

Since, introducing the new marketing policy profit will be decreased = $95,000 - $54,200

= $40,800

Hence, There will be decrease of $40,800

3 0
3 years ago
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