<u>Explanation:</u>
One may ask: what is a credit card? In simple words, a credit card is a payment instrument (plastic card) that allows the cardholder to spend money they don't personally own in their account.
Hence, A typical credit card statement would inform me that I made a purchase worth $500, stating
- The Payment Due Date: For example, it may be written that I must have made the credit balance by 31/12/XX. (Note, Failure to do so would in most cases lead to accruing of interest)
- The Minimum payment due: In this case, the $20 signifies a minimum payment that is significant enough to be recorded till the entire $500 balance is covered. However, it is not intended that only that amount be paid each month. If it were to be it would take me 25 months or 2 years 1 month ($500/$20) to complete the balance; which is not the best option likely considering the accrued interest to be paid.
<span>If city a is located 35° west of city b, the time at city a is earlier that at city b. This is because the earth usually rotates form west to east which is counterclockwise when observed from above. The rotation of the earth gives us course of the day.</span>
Answer:
A market economy answers the three economic questions by allocating resources and goods through markets, where prices are generated.
There are two extremes of how these questions get answered. In command economies, decisions about both allocation of resources and allocation of production and consumption are decided by the government. In market economies, there is private ownership of resources—established though property rights—and the factors of production and consumption are all coordinated through markets. In a market system, resources are allocated to their most productive use through prices that are determined in markets. These prices act as a signal for buyers and sellers. Most economies are mixed economies that lie between these two extremes.
In either system, a rational agent would allocate resources and production using marginal analysis. In command economies, this is more difficult to do because without markets, prices fail at being an effective signal.
Explanation:
I hope this helps!!
Answer:
D) $25,000.
Explanation:
The Accrual Basis of Accounting is the process in which income earned or expenses incurred are recorded at the time the transaction takes place, whether or not the cash has been exchanged.
Net Income is derived by subtracting Expenses from Revenue.
N.B. Prepaid Expenses are Advance Payments towards expenses and are a Balance Sheet Items and will not be recorded under Net Income Calculations until the Expenses are realized.
So, The Net Income can be calculated as follows;
Revenue $60,000
Less: Expenses $35,000
Net Income $25,000
Hence Option D will be correct answer.
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