The united states is recently focused on producing domestically the energy. In addition, when negotiating economic policy, the united states diplomats usually seek to reduce trade barriers. The critique of united states economic policy is free trade can harm the environment because other countries may not have environmental regulations in place.
Mark and Riley live in Orlando and decide to open a souvenir shop. They incorporate their shop, Sunshine Gifts, Inc., in the state of Florida. In Florida, Sunshine Gifts would best be characterized as A domestic corporation.
<h3><u>What are domestic corporations ?</u></h3>
- A domestic corporation is a business that operates within its own nation.
- A domestic business may have to pay tariffs or other fees on the goods it imports and is frequently subject to different taxation than a non-domestic firm.
- In most cases, a domestic corporation that has filed its articles of incorporation can readily conduct business in other states or regions of the nation.
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Answer:
Partnership
Explanation:
A partnership is a business organization in which two to twenty people agree legally to set up and manage a business outfit with the sole aim of making profit. It is usually formed by an association of two to twenty persons, who by an agreement (usually legal) decide to pool their resources (capital) or skill together and establish a business enterprise. The people involved in partnership are called partners and they share the profit, losses and risk of the business
You can say that <span>more people try to buy a product because the price has been reduced when the supply increases.
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A move along the curve results in a different quantity demanded at a different price. A change in demand means that a different quantity will be demanded at a given price than was demanded before the change in demand occurred.
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Answer:
All workings and explanations are in the explanation section.
Explanation:
<u>Transaction 1: </u>
<u>Purchased new equipment for $3,350 by issuing a check for $2,100 as a down payment with the balance due in 30 days.</u>
Debit: Fixed asset account - Equipment $3,350
Credit: Bank account $2,100
Credit: Current liabilities - $1,250
<u>Explanation:</u>
- Equipment is a fixed asset, when an asset is increased, it is debited.
- Partial payment was made by bank- bank is a current asset, a decrease to the asset is a credit item.
- The remaining balance is current liability, since payable within 30 days, an increase in liability is a credit item.
<u>Transaction 2:</u>
<u>Returned damaged supplies and received a $105 cash refund. </u>
Debit: Cash - $105
Credit: Supplies - $105
<u>Explanation:</u>
- Cash refund is an increase in cash - current assets, it is a debit item
- Supplies are decreased, and supplies is also a current asset, a decrease in current assets is a credit item.
Transaction 3:
Purchased supplies for $310 on account.
Debit - supplies - $310
Credit - payables - $310
<u>Explanation:</u>
- Supplies are current assets - an increase in supplies is a debit item.
- They are purchased on account means it is a current liability, therefore, an increase in liabilities is a credit item.
<u>Transaction 4:</u>
<u>Provided services for $7,350 on credit.</u>
Debit: Receivable - $7,350
Credit: Sales revenue - $7,350
<u>Explanation:</u>
- Receivables are current assets - an increase in receivables is a debit item.
- Sales revenue is credit item, an increase in revenue is credit.
<u>Transaction 5:</u>
<u>Issued a check for $920 to pay a creditor on account.</u>
Debit - payables - $920
Credit - Bank -$920
<u>Explanation:</u>
- A decrease in creditors is a debit item
- A decrease in bank, is a credit item
<u>Transaction 6:</u>
<u>Issued checks for $3,500 to pay the employees their monthly salaries.</u>
Debit Wages - $3,500
Credit Bank - $3,500
<u>Explanation:</u>
- Wages are an expense. An increase in the expense is a debit item.
- Bank is a current asset, a decrease in bank is a credit item.
<u>Transaction 7:</u>
<u>Issued a check for $320 to pay the monthly telephone bill. </u>
Debit - Utilities -$320
Credit - Bank - $320
<u>Explanation: </u>
- Utilities are an expense. An increase in the expense is a debit item.
- Bank is a current asset, a decrease in bank is a credit item.