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2 years ago

What economic concept is applied in this statement?

1 answer:

8 0

By earning higher levels of education, students learn skills and are more likely to be employed. In their jobs, they use their skills to provide goods and services to others. The economic concept which is applied in this statement is a positive externality.

<h3>What are skills? </h3>

Skills refer a set of qualities or abilities an individual carries in order to complete the task. These skills represent the expertise of any individual in terms of knowledge and talents.

When these skills are learned along with the higher level of education it creates an add-on for the career. These skills include communication skills, problem-solving skills, critical thinking, leadership qualities, and so on.

Therefore, option E positive externality is the correct option for the given statement.

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A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una

MA_775_DIABLO [31]

Answer:

Dr Bad Debt Expense $44,000

Cr Allowance for Doubtful Accounts $44,000

Explanation:

Preparation of What adjusting Journal entry should the company make at the end of the current year to record its estimated bad debts expense

Based on the information given the adjusting Journal entry that the company should make at the end of the current year to record its estimated bad debts expense will be:

Dr Bad Debt Expense $44,000

Cr Allowance for Doubtful Accounts $44,000

(Net Sales 2,200,000*Estimated 2.0% of net sales)

(Being to record estimated bad debts expense)

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3 years ago

Your sister just deposited $13,000 into an investment account. She believes that she will earn an annual return of 10.3 percent

omeli [17]

Answer:

146,640

13,000×9.4%=1,222

1,222×120=146,640

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3 years ago

On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expe

loris [4]

Answer:

a) See the image attached for the sheet of closing entry

b) New balance = (174000-111000-12000) = 51000

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3 years ago

On January 1, 2022, Skysong, Inc. purchased equipment for $44280. The company is depreciating the equipment at the rate of $620

Svetllana [295]

On December 31, 2022, the book value of the equipment comes out to be $36,840 with monthly depreciation of $620.

Option D is the correct answer.

<h3>What is meant by depreciation?</h3>

Depreciation is a method that applies to tangible fixed assets where the fall in the value of an asset has been recorded.

Given values:

The purchase cost of equipment: $44,280

Monthly depreciation: $620

<u>Step-1</u> Computation of annual depreciation charges:

$\rm\ Annual \rm\ depreciation=\rm\ Monthly \rm\ depreciation \times \rm\ Number \rm\ of \rm\ months \rm\ in \rm\ a \rm\ year\\\rm\ Annual \rm\ depreciation=\$620 \times\ 12\\\rm\ Annual \rm\ depreciation=\$7,440$

<u>Step-2</u> Computation of book value of the equipment at the year-end:

$\rm\ Equipment's \rm\ Book \rm\ value=\rm\ Purchase \rm\ Cost \rm\ of \rm\ Equipment-\rm\ Annual \rm\ Depreciation \\\rm\ Equipment's \rm\ Book \rm\ value=\$44,280-\$7,440\\\rm\ Equipment's \rm\ Book \rm\ value=\$36,840$

Therefore, when the company purchases equipment at $44,280 with annual depreciation is $7,440, then the equipment's book value comes out to be $36,840 at the year-end.

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2 years ago

A banker's acceptance A. is a draft drawn on a bank and paid by that bank when presented to it. B. may be accepted by the bank f

bulgar [2K]

Answer: Option (D) is correct.

Explanation:

A banker's acceptance is an instrument that represents the promised payment by the bank in the future. This payment is accepted as a time draft by the bank and is to be drawn on a particular deposit. This draft is having all the information that is related to the future payment amount, date of the payment and the party to which the payment to be made. This acceptance can also be traded until the date of maturity.

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3 years ago