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7nadin3 [17]
1 year ago
6

Suppose the country of montgomery has specialized in the production of a good but has not yet entered into trade. At this point

in time, montgomery has?
Business
1 answer:
WINSTONCH [101]1 year ago
8 0

Suppose the country of montgomery has specialized in the production of a good but has not yet entered into trade. At this point in time, montgomery has <u>moved along its existing production possibilities curve.</u>

<u></u>

A production posibilities curve in economics measures the maximum output of goods and the use of a fixed quantity of input. The input is any aggregate of the four elements of manufacturing: natural resources (which include land), hard work, capital goods, and entrepreneurship.

for example, say an economic system produces 20,000 oranges and 12000 apples. On the chart, it truly is point B. If it desires to produce greater oranges, it ought to produce fewer apples. In the chart, factor C suggests that if it produces 45,000 oranges, it could most effectively produce 85,000 apples.

By means of describing this trade-off, the curve demonstrates the idea of possible price. Making greater than 1 precise will price society the opportunity of making greater of the other excellent.

Learn more about production posibilities curve here

brainly.com/question/26460726

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Which of the following could be a synonym for the world 'externality'?
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Answer: option C. side-effect

Externality is an economic term, used to refer the damage or benefit that an individual or community experience, due to the activity of other agents who are pursuing other objective.

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HELP! Practicing self-care while working from home is important. What is NOT a method for practicing self-care?
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In January, Tongo, Inc., a branding consultant, had the following transactions. a. Received $15,500 cash for consulting services
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Answer:

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Explanation:

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3 years ago
On March 31, 2018, Easy Rental Agency Inc.'s trial balance included the following selected unadjusted account balances. The comp
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Answer:

1)

Dr Depreciation expense 1,226

    Cr Accumulated depreciation 1,226

2)

Dr Unearned revenue 6,487

    Cr Rent revenue 6,487

3)

Dr Interest expense 600

    Cr Accrued interest 600

4)

Dr Supplies expense 1,960

    Cr Supplies 1,960

5)

Dr Insurance expense 3,618

    Cr Prepaid insurance 3,618

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Dr Income tax expense 2,600

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Explanation:

March 31, 2018

Prepaid insurance $14,740  - 3,618

Supplies 2,900  - 1,960

Equipment 22,100

Accumulated depreciation-equipment 5,680  + 1,226

Unearned revenue 9,730  - 6,487

interest payable 600

Income tax payable 2,600

Loan payable, due 2020 20,000

Rent revenue 30,900  + 6,487

Salaries expense 14,500

depreciation expense 1,226

interest expense 600

Supplies expense 1,960

Insurance expense 3,618

Income tax expense 2,600

1. The equipment, which was purchased on January 1, 2017, is estimated to have a useful life of four years. The company uses straight-line depreciation.

depreciation per year = $22,100 / 4 = $5,525

depreciation expense up to March 31, 2018:

$5,525 x 1.25 = $6,906.25 ≈ $6,906

adjustment entry = $6,906 - $5,680 = $1,226

Dr Depreciation expense 1,226

    Cr Accumulated depreciation 1,226

2. One third of the unearned revenue related to rent is still unearned at the end of the quarter.

adjusting entry = 9,730  - (9,730  x 1/3) = $6,486.67 ≈ $6,487

Dr Unearned revenue 6,487

    Cr Rent revenue 6,487

3. The loan payable has an interest rate of 6%. Interest is paid on the first day of each following month and was last paid March 1, 2018.

interest per month = $20,000 x 6% x 1/12 = $600

Dr Interest expense 600

    Cr Accrued interest 600

4. Supplies on hand total $940 at March 31.

adjusting entry = $2,900 - $940 = $1,960

Dr Supplies expense 1,960

    Cr Supplies 1,960

5. The one-year insurance policy was purchased for $14,740 on January 1.

insurance expense per quarter = $14,470 x 3/12 = $3,617.50 ≈ $3,618

Dr Insurance expense 3,618

    Cr Prepaid insurance 3,618

6. Income tax is estimated to be $2,600 for the quarter.

Prepare the quarterly adjusting entries required at March 31.

Dr Income tax expense 2,600

    Cr Income tax payable 2,600

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