Answer:
Private Property - The right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property.
Freedom of enterprise - The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice.
Mutually agreeable - Economic transactions willingly undertaken by both the buyer and the seller because each feels that the transaction will make him or her better off.
Freedom of choice - The freedom of resource owners to dispose of their resources as they think best; of workers to enter any line of work for which they are qualified; and of consumers to spend their incomes in whatever way they feel is most appropriate.
Self-interest - What each individual or firm believes is best for itself and seeks to obtain.
Competition
- The presence in a market of independent buyers and sellers who compete with one another and who are free to enter and exit the market as they each see fit.
Market - An institution that brings buyers and sellers together.
Answer:
Purchased calculators from Dragoo Co. at a total cost of $1,650:
- Dr Inventory 1650
- Cr Accounts Payable 1650
Paid freight of $60 on calculators:
- Dr Inventory 60
- Cr Cash 60
Returned calculators to Dragoo Co. for $52:
- Dr Accounts Payable 52
- Cr Inventory 52
Sold calculators costing $580 for $760 to Fryer Book Store:
- Dr Accounts Receivable 760
- Cr Sales Revenue 760
- Dr COGS 580
- Cr Inventory 580
Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $32.20
- Dr Sales Returns and Allowance 45
- Cr Accounts Receivable 45
- Dr Inventory 32.20
- Cr COGS 32.20
Sold calculators costing $650 for $800 to Heasley Card Shop:
- Dr Accounts Receivable 800
- Cr Sales Revenue 800
- Dr COGS 650
- Cr Inventory 650
Answer and Explanation:
The journal entries are shown below:
1. Accounts receivable a/c Dr $1,840
To Sales revenue a/c Cr $1,840
(Being the sales is recorded)
2. Cost of goods sold a/c Dr $1,170
To Inventory a/c Cr $1,170
(Being the cost of goods sold is recorded)
3. Cash a/c Dr $1,840
To Accounts receivable a/c Cr $1,840
(Being the payment received is recorded)
Only these three entries are recorded
If criminal charges are brought against Justin, he can assert the defense of "duress".
Duress is force applied upon a man to pressure that individual to play out a demonstration they normally would not perform. The idea of duress must be recognized both from undue influence in the civil law. In criminal law, duress and necessity are distinctive defenses.
Answer:
What is the opportunity cost of accepting the position at the Bureau of Labor Statistics?
Opportunity Cost=3000
Explanation:
Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another.
Opportunity Cost=FO−CO
where:
FO=Return on best foregone option
CO=Return on chosen option
Opportunity Cost=45000−42000
Opportunity Cost=3000
