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Over [174]
3 years ago
13

During January 2017 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 we

re received at an actual cost of $2,200.
The entry to record this transaction will require a debit to:

A. Expenditures—2017 in the amount of $2,200.
B. Expenditures—2016 in the amount of $200.
C. Expenditures—2017 in the amount of $200.
D. Expenditures—2016 in the amount of $2,200.
Business
1 answer:
Norma-Jean [14]3 years ago
5 0

Answer:

The correct answer is:

Expenditures—2017 in the amount of $200. (C.)

Explanation:

This scenario describes a record that was less than the actual amount spent on the General Fund supplies. The amount recorded was $2,000, meanwhile the actual amount spent was $2,000. This entails that an amount worth $200 was not recorded, hence it will be debited as expenditures, but the question now is where the debit will be recorded?

This review was done in January 2017, meaning that the income statement for the 2016 Fiscal year must have been balanced, hence the amount will be an expenditure recorded in 2017, but the particulars will have a description that it was a carried over expenditure from 2016. Therefore $200 will be debited from 2017 as expenditures.

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Consumer surplus Select one: a. is the amount of a good that a consumer can buy at a price below equilibrium price. b. is the am
Burka [1]

Answer:

b. is the amount a consumer is willing to pay minus the amount the consumer actually pays.

Explanation:

Consumer surplus = willingness to pay less price of the good.

Let assume a student is willing to pay $30 for a book and the price of the book is $15. The student's consumer surplus is $30 - $15 = $15

I hope my answer helps you

8 0
3 years ago
Zoom which group of income earners had an average income of $6,327?
Andrei [34K]
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8 0
3 years ago
Problem 5.3 Your birthday is coming up and instead of other presents, your parents promised to give you $2,600 in cash. Since yo
Papessa [141]

Answer:

Ans. The value of investment after 2 years is $3,155.51

Explanation:

Hi, first we need toconvert that 9.80 percent, compounded quarterly into an effective quarterly rate, that is just by dividing by 4, since there are 4 quarters in a year, that is:

r(effective quarterly)= 9.8%/4 =2.45%

Now, since the rate is effective quarterly, the periods (time of the invesmet) has to be in quarters, so we multiply 2 years by 4 and we get 8 quarters.

With all the above information, we can go ahead and use the following formula in order to find the future value of this investment.

FutureValue=PresentValue*(1+r)^{n}

It should all look like this.

FutureValue=2,600*(1+0.0245)^{8}=3,155.51

So, the future value of this investment is $3,155.51

Best of luck.

8 0
3 years ago
If equilibrium is achieved in a competitive market the deadweight loss will equal the sum of consumer surplus and producer surpl
marysya [2.9K]

Answer:

there is no deadweight loss.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Generally, a perfectly competitive market is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market.

Hence, if equilibrium is achieved in a competitive market then, there is no deadweight loss i.e a loss of economic efficiency due to a lack of balance in competing economical influences for goods or services.

4 0
3 years ago
The following is TRUE about Inventory:________.A. Firms decrease inventory because there is a risk of significant and unpredicta
Aleks [24]

Answer:

The correct answer is option (c).

Explanation:

Solution

From the question sated above the answer is, Firms or organisation decrease inventory because the more we spend on inventory, the more we will need to spend on the other related inventory expenditures.

The reason is because if the inventory is kept full or complete, then the cost related or connected with the maintenance of the inventory increases or goes up and it is not beneficial for the company itself.

7 0
3 years ago
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