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2 years ago

What are the three factors of producrion and what role does each factor play in the production of goods and services

Business

1 answer:

Delvig [45]2 years ago

8 0

Answer:

The productive factors are commonly classified into three groups: land, labour, and capital. The first represents resources whose supply is low in relation to demand and cannot be increased as the result of production. The income derived from the ownership of this factor is known as economic rent.

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The capital projects fund of Hood River completed construction of an addition to its city hall at a cost of $4,000,000. The city

Vanyuwa [196]

The capital projects fund account for the 10 percent retainage as (B) II only.

<h3>What is retainage?</h3>

Retainage is a percentage of the agreed-upon contract price withheld until the work is substantially completed to ensure that the contractor or subcontractor will fulfill its responsibilities and complete a construction project.
Retention is money kept back by one party in a contract as security for unfinished or defective work.
Assume the contract is worth $20,000 and you're submitting a paid app after finishing 25% of the work.
So you earned $5,000 during the pay period, but retainage is 5%. The current progress payment has been reduced by $250.
As a result, the "Amount Due for this Request" will be $4,750.

So, in the given situation the capital projects fund account for the 10 percent retainage as (II) the credit for $400,000 to Contracts Payable-Retained Percentage, that is (B) II only.

Therefore, the capital projects fund account for the 10 percent retainage as (B) II only.

Know more about retainage here:

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The correct question is given below:
The capital projects fund of Hood River completed the construction of an addition to its city hall at a cost of $4,000,000. The city council approved payment of the amount due to the general contractor, less a 10 percent retainage. How should the capital projects fund account for the 10 percent retainage?

I. As a credit of $400,000 to Deferred Revenue-Retained Percentage

II. As the credit for $400,000 to Contracts Payable-Retained Percentage.

A. I only

B. II only

C. Either I or II

D. Neither I nor II

3 0

2 years ago

Rachel is preparing to open her own raft rental business, cleverly named Rachel's Rafts. She figures out that her fixed costs wi

Arisa [49]

Answer:

selling price= $5

Explanation:

Giving the following information:

Fixed cost= $7,500

Unitary variable cost= $2

Break-even point= 2,500 units

<u>The break-even point is the number of units to sell to cover the fixed costs. At this level, net income is zero.</u>

So given the costs structure and 2,500 units to sell, the selling price that provides the break-even point is:

Break-even point in units= fixed costs/ (selling price - unitary variable cost)

2,500 = 7,500 / (selling price - 2)

2,500selling price - 5,000 = 7,500

2,500selling price = 12,500

selling price = 12,500 / 2,500

selling price= $5

7 0

3 years ago

Each business day, on average, a firm writes checks totaling $17000 to pay its suppliers. The usual clearing time for the checks

BaLLatris [955]

Answer:

The disbursement float is $ 68,000, collection float is -$44,000 and net float is $24,000.

Explanation:

DISBURSEMENT FLOAT -

Formula that can be used to calculate the disbursement float is =

Amount of average monthly check written X Average number of days it

takes to clear check

Where, amount of average monthly check = $17,000

and average number of days for it to be cleared = 4 days

Disbursement float = $17,000 x 4

= $68,000

COLLECTION FLOAT -

Formula that can be used to calculate the collection float is =

Amount of average monthly check received X Average number of days it

takes to clear check

Where, amount of average monthly check =-$22,000

and average number of days for it to be cleared = 2 days

Collection float = -$22,000 x 2

= -$44,000

NET FLOAT -

Formula that can be used to calculate the NET float is =

DISBURSEMENT FLOAT - COLLECTION FLOAT

= $68,000 - $44,000

= $24,000

7 0

3 years ago

PLZ HELP

Kitty [74]

Answer:

200

Explanation:

8 0

3 years ago

Prior period adjustments are reported in the: Multiple Choice Multiple-step income statement. Statement of cash flows. Single-st

beks73 [17]

Answer:

Statement of retained earnings.

Explanation:

The prior period adjustment refers to the adjustment in which there is an accounting error in the previous period and i.e to be reported in past year period but now it would be corrected in the financial statement. This adjustment we called prior period adjustment

Moreover, it should be reported in the statement of retained earnings

Hence, the second last option is correct

3 0

3 years ago