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Eve's apples opened its business on january 1, 2018, and paid for two insurance policies effective that date. The liability poli

Effectus [21]

Answer:

Balance in Prepaid insurance as of December 31 is $18,750

Explanation:

 Computation of Prepaid Insurance

Insurance 1 ($34,200 * 6/18) $11,400

Insurance 2 ($14,700 * 12/24) $7,350

Total Prepaid Insurance $18,750

8 0

2 years ago

Hich pricing strategy involves setting a high price for an exclusive, high-end product?

Sidana [21]

Yes, this encourages the buyer to pay more for an item especially if it is by a well known branded. This gives them to opportunity to brag and boast with their purchase. Also when the product is well known consumers are going to try their absolute best to buy it, this is going to make the product scare, hence increasing its price.

3 0

2 years ago

Economan has been infected by the free enterprise bug. He sets up a firm on extraterrestrial affairs. The rent of the building i

monitta

Answer:

There are two types of profit and costs in nay business, which are accounting costs/profit and the economic costs/profits.

Accounting costs include everything that is tangible or the monetary costs a firm pays, while the economic costs include the cost which is intangible(Opportunity costs) as well as tangible.

Here in this question, the profit of the firm therefore is,

a. From an accountant;s definition = 130000-(6000+42000+7000) = 75000.

b. From an economist's definition = 130000-(6000+42000+7000+65000+6000) = 4000.

Hope this helps you. Thankyou.

7 0

2 years ago

Read 2 more answers

The following table contains statements that provide some analysis of policies that address smoking, lung cancer, and cigarette

liubo4ka [24]

Answer:

Positive Statements: 1st & 2nd ; Normative Statements: 3rd & 4th

Explanation:

Positive Economics is objective & facts based actual economic issue description , explaining verifiable phenomenas (causal relationships).

Normative Economics is subjective & opinion based conclusive solutions to economic issues, including 'ought to be' unverifiable suggestions.

1. Lung cancer kills millions of people each year: reflects actual objective verifiable fact about an economic (health) issue.

2. Too many people smoke: denotes another actual objective variable fact connected to (potential cause of) the above economic (health) issue.

So , these two are Positive Statements.

3. If the government were to increase taxes on cigarettes, fewer people would smoke : Is subjective opinion based probable solution to the above economic (health) issue.

4. The government should increase taxes on cigarettes : Is an 'ought to' suggestion for an economic participant (govt) to solve the above economic (health) issue.

So , these two are Normative Statements

5 0

2 years ago

Hitzu Co. sold a copier (that costs $4,500) for $9,000 cash with a two-year parts warranty to a customer on August 16 of Year 1.

Makovka662 [10]

Answer:

Explanation:

Requirement 1

Warranty expense in 2015 = $9,000 x 6%

Warranty expense in 2015 = $540

Note: As mention above Hitzu expects warranty cost to be 6% of dollar sales

Requirement 2

Estimate warranty liability as of Dec 2015 = $540

Requirement 3

Warranty expense in 2016 = 0

Requirement 4

Estimated warrant liability as of Dec 2016 = $540 -$114

Estimated warrant liability as of Dec 2016 = $426

Note: As the repair costs 114 on the same day of repair.

7 0

2 years ago