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2 years ago

Limits on the quantity or total value of specific products imported to a nation are:_____.

1 answer:

8 0

Limits on the quantity or total value of specific products imported to a nation are important quotas. Thus option A is correct.

An import quota is an NTB that places an instantaneous restriction on the amount of some goods that may be imported. An export quota may be a restriction on the quantity of products that may leave a rustic. The merchandise which may be imported during a given period usually for one year imposed by the govt to supply benefits to local producers.

Import quotas may be described because the fixation on the most quantity of any particular commodity imported therein country, usually implemented to safeguard domestic industries and vulnerable producers.

It protects countries’ domestic market from getting flooded with imported goods which are usually cheaper than the identical or similar goods produced by local players because of low cost within the overseas market or high level of efficiency, the expertise of the exporter party.

However, this import restriction may affect consumer sentiment as they will not be getting goods at a less expensive cost.

Learn more about import quotas

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Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales

mixer [17]

Answer:

b. $3,000

Explanation:

According to the above information, the following data are given

Credit sales = $100,000

Uncollectible percentage = 3%

So, after the adjustment by using allowance method, Bad debt expense can be calculated as;

Bad debt expense = Credit sales × Uncollectible percentage

= $100,000 × 3%

= $3,000

3 0

3 years ago

Andrew wants to purchase a new computer and go to the caribbean for spring break. the computer is priced at 1299, and the vacati

Mamont248 [21]

Andrew writes a check for $1,299 which is the medium of exchange.

What is the way of transaction ?

A sale is a completed agreement between a buyer and a dealer to change goods, services, or fiscal means in return for plutocrats.
The term is also generally used in commercial accounts. As a business secretary, this plain description can get tricky.
A sale may be recorded by a company before or later depending on whether it uses an addendum account or cash account.

Here,

Andrew can easily determine that the price of the computer is more than the price of the vacation = Unit of Account

Andrew has $1,574 in his checking account

= Store of value

Andrew writes a check for $1,299

= Medium of exchange

Learn more about Way of transaction here:

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3 0

1 year ago

Sid purchased an automobile for personal

Aloiza [94]

Answer:

Part A. $1200

Part B. $1200

Explanation:

Part A.

Under MACRS rules, the depreciation rate for the 5 year recovery period asset would be:

Year 1 20%

Year 2 32%

Year 3 19.2%

Year 4 11.52%

Year 5 11.52%

Year 6 5.76%

This means that the first year MACRS depreciation deduction would be 20% which is $1200 ($6000 * 20%).

Part B.

If Sid does not elect Section 179 expensing then the depreciation would be calculated using straight line basis.

The depreciation would be:

Depreciaiton Expense = $6000 / 5 Years life = $1200

8 0

3 years ago

Culver Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2017: Cash $8,220, Land $40,8

Dovator [93]

Answer:

See explanation Section

Explanation:

Culver Corporation

Balance Sheet (Current Asset only)

As at December 31, 2017

Particulars $ $

Cash $8,220

Accounts Receivable $97,530

Less: Allowance for

<u>Doubtful Accounts (4,520) </u> $93,010

Prepaid Insurance $6,040

Inventory $34,900

<u>Equity Investments $13,510</u>

Current Assets $155,680

Note: As equity investment will be sold in the next year, it is shown as current assets. Land and patents are property, plant, and equipment.

8 0

3 years ago

The purpose of a flexible budget is to:

Ksenya-84 [330]

Answer:

c. update the static planning budget to reflect the actual level of activity for the period

Explanation:

A flexible budget is a financial plan of expenses and revenues based on the actual level of output. A flexible budget adapts to changes in prices and company needs. Because the budget varies with the market condition, it is called a variable cost.

Due to their variable nature, flexible budgets are used to update the static estimates at the end of a period. The company compares the actual result in the flexible budget with that of a static budget. The management uses a flexible budget to evaluate the business performance for the period. Specific areas of success and failures are highlighted. Decisions on areas that need improvement can then be made.

8 0

3 years ago