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1 year ago

The debt of state and local governments is mostly? owed to citizens of other nations. external. worthless internal.

Business

1 answer:

topjm [15]1 year ago

3 0

The debt of state and local government is mostly an external debt.

The financial obligations of the government sector are known as a nation’s gross government debt, often known as public debt or sovereign debt Government borrowing over time is mostly due to prior shortfalls in the budget. When a government’s expenses exceed its receipts, a deficit results. Both domestic and foreign residents may be subject to government debt.

Public debt management is the process of creating and implementing a strategy for managing the government's debt to raise the required amount of funding, and meet other goals of government.

Global government debt in 2020 was estimated to be worth $87.4 US trillion, The percentage of government debt in total debt (which includes corporate and family debt) reached its highest level since the 1960s, close to 40%.

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The journal entry to record the purchase of equipment for a $140 cash down payment and a balance of $480 due in 30 days would in

Tju [1.3M]

Answer:

Option C. A debit to Equipment for $620, a credit to Cash for $140, and a credit to Accounts Payable for $480.

Explanation:

The reason is that the equipment has been acquired by the business which is worth $620 and this means that the equipment which is asset in nature must be increased by it fair value which is $620. The purchase of equipment requires the payment of $140 at the spot which means that the cash asset will be reduced by $140 and the remainder $480 will be paid in future which means that the current liabilities will be increased by $480.

Increase in Equipment (fixed asset) is debited by $620.

Decrease in Cash (asset) is credited with $140.

Increase in current liability is always credited and in this case must be credited with $480.

Journal entry in nutshell is as under:

Dr Equipment $620

Cr Cash Account $140

Cr Accounts Payables $480

7 0

3 years ago

The company's net income (loss) for the year was $11,000 and its cash dividends were $4,000. It did not sell or retire any prope

tia_tia [17]

Answer:

151,000

Explanation:

48,000+18000+40,000+52,000-11,000+4,000

=66,000+40,000+52,000-11,000+4,000

=106,000+52,000-11,000+4,000

=158,000-11,000+4,000

=147,000+4,000

6 0

3 years ago

You're an entrepreneur and had a great idea to sell shoes that have springs installed in them to make walking easier. However, t

TiliK225 [7]

Answer:

B. There is an increase in income and "spring shoes" are a normal good.

Explanation:

To eliminate the disequilibrium in the market for shoes, spring shoes firstly needs to be seen as a normal product because if it is seen an inferior product then as people's Income rises they woudnt want to buy inferior products because they have the income to buy normal products. As people income rises, since spring shoes is seen as a normal product, then people will buy springshoes

6 0

3 years ago

The Dougherty Furniture Company manufactures tables. In March, the two production departments had budgeted allocation bases of 4

Bezzdna [24]

Answer:

a. Manufacturing overhead rate - Department 100 = $57,500 / 4,000 hours = $14.375 per machine hours

Manufacturing overhead rate - Department 200 = $62,500/8,000 hours = $7.8125 per machine hours

b. Journal Entries

S/N Account Titles Debit Credit

1 Inventory - Raw material $110,000

Account Payable $110,000

2 Work in process $32,500

Manufacturing overhead $7,500

Inventory - Raw materials $40,000

3 Work in process $52,500

Manufacturing overhead $11,000

Materials control $63,500

4 Manufacturing overhead $17,250

Leasehold payable $16,250

Utilities payable $1,000

5. WIP Control (14,375*800) $11,500

Manufacturing overhead allocation $11,500

c. Particulars Dep 100 Dep 200 Total

Direct materials $32,500 $13,500 $46,000

Direct labour $52,500 $13,500 $106,000

Manufacturing overhead $35,750 $18,750 $54,500

(11,000+7,500+16,250+1,000

+9,000+4,750+3,750+1,250)

Total Cost of Job A $120,750 $85,750 $206,500

7 0

3 years ago

Owen plans to open Owen's Pets Store, a pet supplies outlet, and to hire Quinn and Ruth. Owen will invest only his own money. He

rusak2 [61]

Owen plans to open Owen's Pets Store, a pet supplies outlet, and to hire Quinn and Ruth. Owen will invest only his own money. He does not expect to make any profit for at least two years and to make almost no profit for the first three years, but he hopes to expand eventually. Which form of business organization would be most appropriate Owen employs few workers and is not expected to earn profit for the first few years. Although, he still hopes to expand his outlet. In this case, a sole proprietorship is the best option because it is easier and cheaper to start a company. The business owner is free to make all decisions without any consultations. The sole proprietorship earns moderate profits and does not require huge funds in the near future. Owen employs only Quinn and Ruth to run the pet store, which means that it is a comparatively small outlet and does not require huge funds for its financing. Owen will enjoy one more advantage of paying a single tax. This means that the owner (Owen) is required to pay tax either on profits or personal income. This is because, in this organization, the owner and the business are the same entity. The earnings from the business are the personal income of the owner.

<h3>What is business organization?</h3>

The word "business organization" refers to the organizational structure of businesses and how such structure aids in achieving their objectives. Businesses are often built to concentrate on either making a profit or helping society. A company is considered a for-profit entity when it prioritizes making money. An organization is referred to as a nonprofit (or not-for-profit) organization and is not often called a business when it aims to further the social good through the arts, education, health care, or some other sector.

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5 0

2 years ago