Answer:
1. command
2. socialism
3. communism
Explanation:
1. Communist countries usually have command economies.
2. A command economy that still allows private property and ownership is called a socialism.
3. A command economy in which the government controls everything is called communism.
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Answer:
Tv = 1772
Remote = 144
Installation = 144
Explanation:
To calculate stand-alone selling price we need to calculate the percentage of Fair market value first and then allocate the Entire package price in the products according to the percentage of fair market value.
Percentage of the fair market value of each product
Product Fair Value Percentage
TV $1830 86%
Remote $140 7%
Installation $140 7%
Total $2,110 100%
Stand-alone selling price
Product % of fair market value Stand-alone selling price
TV 86% 1772
Remote 7% 144
Installation 7% 144
Total 100% 2,060
Answer:
The Journal entries are as follows:
(i) Sales revenue A/c Dr. $900
To Cash $900
(To record the correction in sales revenue)
(ii) Merchandise Inventory A/c Dr. $200
To Cost of Goods sold $200
(To record the merchandise returned)
Note:
(1) At the time of sale, the cash would have been debited with the amount of $900 and the sales revenue would have been credited with the amount of $900. Now, the cash of $900 should be credited as it was debited earlier.
(2) The inventory account also credited at the time sale, so it should be debited and the cost of goods sold debited at the time of original sale, so it need to be credited.
