I would say define the situation.
A circular flow economy includes buying and selling between businesses, households, and governments.
The government takes money in through taxes and tariffs, and has expenditures on things like roads, military spending, and other federally funded programs. In this way the government both gives and takes in the economy.
Answer: Relative scarcity could be described as that where the resources are limited in supply for a short while, due to manufacturing or supply challenges.
Absolute scarcity could he described as where supply is naturally limited. No possibility of the supply increasing.
Explanation:
Relative scarcity could be described as that where the resources are limited in supply for a short while, due to manufacturing or supply challenges.
Absolute scarcity could he described as where supply is naturally limited. No possibility of the supply increasing.
In relative scarcity, there is a probability of the supply to be made available later while in absolute, there is no possibility of it happening.
Answer:
Debit bad debt expenses with $1,680, and credit Accounts receivable also with $1,680.
Explanation:
Uncollectibles = Accounts receivable × 1.50% = $112,000 × 1.50% = $1,680
The December 31 year-end adjusting entry for uncollectibles will be as follows:
<u>Details Dr ($) Cr ($) </u>
Bad debt expenses 1,680
Accounts receivable 1,680
<u><em>Being the amount Accounts receivable estimated to be uncollectible</em></u>
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Answer:
132.25 days
Explanation:
average days in inventory is an activity ratio.
Activity ratios calculates the efficiency of performing daily tasks.
average days in inventory = number of days in a period / inventory turnover
inventory turnover = cost of goods sold / average inventory = 138,000 / 50,000 = 2.76
Assuming a 365 day period , 365 / 2.76 = 132.25
