Answer:
Prepare the entry to correct the prior years' depreciation, if necessary.
any change in depreciation expense must be done for future events, past events cannot be adjusted
Depreciation expense 2021:
carrying value December 2020 = $69,000 - {[($69,000 - $4,600) / 8] x 5} = $69,000 - $40,250 = $28,750
depreciation expense per year (including 2021) = ($28,750 - $5,175) / 5 = $4,715
Answer: The correct answer is A. an account.
Explanation: Journal records transactions that have taken place in a particular ledger at a particular period/date and it can be used to correct the ledger balance or mispostings.
A ledger consists of the various accounts of an organization, the changes/movement in those accounts as journals are processed including their balances.
A trial balance consists a list of all the accounts, ledger codes and their balances at a particular time period and the total of all the accounts must be zero in a trial balance.
Although all the four elements: account, journal, ledger and trial balance are all interwoven and have to operate in unison, the definition in the question is for account. An account gives you detailed changes in all the elements of the financial statements.
Answer:
Yes. A production possibility frontier can be expressed for this scenario.
Explanation:
A production possibility frontier tells the combinations of X and Y that can be produced with the given level of resources e.g. If 1 unit of X is produced than at the same time the Country can produce 50 units of Y. If 2 units of X are produced than at the same time the Country can produce 40 units of Y. This means that in order to produce 1 additional unit of X, the Country must forego 10 units of Y. This is the opportunity cost of going from 1 unit of X to 2 units of X (in terms of units of Y).
The answer is D.
this is because principles are the total amount of money borrowed or invested.
Answer:
The correct answer to the following question is option D) everyone receives different level of satisfaction from from the same good or services.
Explanation:
Utility can be defined as a measurement of satisfaction levels that a consumer experiences from the consumption of goods and services. From the above given options only D is correct as every one experiences different level of satisfaction from same good or services. Economists measures utility with a unit they refer to as util. All products doesn't produce same level of satisfaction .
