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2 years ago

All liabilities involve a probable sacrifice of economic benefits and arise as a result of _ transactions or events.

1 answer:

8 0

All liabilities involve a probable future sacrifice of economic benefits and arise as a result of past transactions or events.

A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied. Assets and liabilities can be compared. Assets are items you own or owe money to; liabilities are things you owe money to or have borrowed. A liability is an unfulfilled or unpaid obligation owed by one party to another. A financial liability is an obligation in the world of accounting, but it is more specifically characterized by previous business transactions, events, sales, exchanges of goods or services, or anything else that will generate income in the future.

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What is the sale price for a swimming suit with a regular price of $59.95 which is on sale for 30% off?

quester [9]

Answer:

$41.97

Explanation:

5 0

3 years ago

Louise McIntyre's monthly gross income is $2,000. Her employer withholds $400 in federal, state, and local income taxes and $160

GREYUIT [131]

Answer:

a) 27.2%

b) No

Explanation:

Given:

Monthly gross income = $2,000

Federal, state, and local income taxes = $400

Social Security taxes per month = $160

IRA per month = $80

Monthly credit payments for Visa, = $35

Monthly credit payments for MasterCard, = $30

Monthly credit payments for Discover cards = $20

Automobile loan payment = $285

Now,

Net income of Louise = Gross income - Total Taxes - IRA

= $2,000 - ( $400 + $160 ) - $80

= $1,360

Total debt payments = Credit card payments + Automobile loan payment

= ( $35 + $30 + $20 ) + $285

= $370

Therefore,

Debt payments-to-income ratio = $\frac{\textup{Debt payments}}{\textup{Net income
}}$

= $\frac{\textup{370}}{\textup{1,360}}$

= 0.272

= 0.272 × 100% = 27.2%

(b) An individual should not spend more than 20% of their net income as debt to be within the means.

Since, the debt payments-to-income ratio exceeds 20 percent of her net income.

Hence, Louise is not living within her means

6 0

3 years ago

The current price for a good is $, and units are demanded at that price. The price elasticity of demand for the good is . When

Harman [31]

Answer:

Consumer surplus decreases by $180.

Explanation:

Current consumer surplus = $25 * 90 unit = $2250

If the price of goods drop to $23 then the new consumer surplus will be

$23 * 90 units = $2070

The change in consumer surplus is $180 .

3 0

3 years ago

Which of these is an example of a trade restriction?

Fudgin [204]

Examples of a trade restriction are embargo
Subsidies
Voluntary export restraint

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3 years ago

Read 2 more answers

Contracted parties discharge their obligations by doing what they respectively agreed to do under the terms of an agreement; thi

Schach [20]

If Contracted parties discharge their obligations by doing what they respectively agreed to do: this is called discharge by <u>performance</u>

<h3>What is Discharge by performance?</h3>

Discharge by perfomance can be defined as the process in which a parties in a contract agreed to carryout or agreed to perform their duties based on the terms of their agreement.

By doing so the parties has fulfil their obligation based on their contract agreement which is know as discharge of performance.

Therefore this is called discharge by <u>performance</u>

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7 0

2 years ago

All liabilities involve a probable ____ sacrifice of economic benefits and arise as a result of _____ transactions or events.

All liabilities involve a probable sacrifice of economic benefits and arise as a result of _ transactions or events.