Answer and Explanation:
According to the scenario, journal entry for the given data are as follows:
Cash A/c Dr. $1,000
Supplies A/c Dr. $3,000
Land A/c Dr. $8,000
Equipment A/c Dr. $5,000
To A/c Payable A/c $4,500
To Notes payable A/c $3,100
To M. Derr capital A/c $9,400 ($1000+$3000+$8000+$5000-$4500-$3100)
(Being Derr's investment is recorded)
Answer:
A. The USA specializes in potatoes because of its comparative advantage in producing potatoes.
Explanation:
US 1 ton of potatoes or 0.5 tons of wheat = 2
Ireland 3 tons of potatoes or 2 tons of wheat = 1,5
Answer:
Smith will report an investment income of $56,000 in its income statement.
Explanation:
Based on the information given we were told that Smith made a purchased of the amount of $522,000 of Jones shares in which as of December 31, 2021, the Jones shares also had a fair value of the amount of $578,000 this means that Smith will report an investment income of $56,000 ($578,000-$522,000) in its income statement.
Let $x = the cost per flower.
Number of roses sold = 20
Profit on 20 roses = $6
Cost = (30 roses)($x per rose) = $ 20x
Revenue = ($0.50 per rose)*(20 roses) = $10
Profit = $10 - $ 20x = $6
That is,
10 - 20x = 6
20x = 10 - 6
20x = 4
x = $0.2 = 20 cents
Answer: She paid 20 cents per flower.