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Tomtit [17]
3 years ago
9

) The typical family on the Planet Econ consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk. In 2016, pizzas cost $10 e

ach, jeans cost $40 per pair, and milk cost $3 per gallon. In 2017, the price of pizzas went down to $8 each, while the prices of jeans and milk remained the same. Between 2016 and 2017, a typical family's cost of living: A) increased by 4.5 percent.
Business
1 answer:
Firdavs [7]3 years ago
8 0

Answer: um... Imma say 6 i guess i don't really know

Explanation:

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Start with the beginning balances for these​ T-accounts: Accounts​ Receivable, $100,000​, Allowance for Uncollectible​ Accounts,
iren [92.7K]

Answer:

T-accounts:

The ending balances of Accounts Receivable and Allowance for Uncollectible​ Accounts are:

Accounts Receivable = $75,000

and

Allowance for Uncollectible Accounts = $17,000

Explanation:

Accounts Receivable

Accounts Title           Debit       Credit

Balance                  $100,000

Service Revenue    697,000

Cash                                         $714,000

Uncollectible written off             $8,000

Balance                                     $75,000

Allowance for Uncollectible Accounts

Accounts Title                   Debit       Credit

Balance                                            $14,000

Uncollectible written off $8,000

Uncollectible Expense                      11,000

Balance                            17,000

7 0
3 years ago
Which of the following is an example of crowding out? Question 13 options: A decrease in the rate of growth of the money supply
Dmitriy789 [7]

Answer:

A budget deficit causes an increase in interest rates, which causes a decrease in investment spending.

Explanation:

In domain of economics, crowding out

can be regarded as a phenomenon which take place as a result of increased in involvement of government in market economy sector which substantially has effect on remainder of the market, this effect could be on the supply side, it could be on demand side of the market. An example of crowding out is A budget deficit causes an increase in interest rates, which causes a decrease in investment spending.

7 0
3 years ago
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2020
ivann1987 [24]

Answer:

a. Current ratio = Total current assets/Total current liabilities

Current ratio = $6,840/$3,420

Current ratio = 2 : 1

b. Accounts receivable turnover = Net credit sales / [Net beginning accounts receivables + Net ending accounts receivables / 2]

Accounts receivable turnover = $13,940 / [$3,300+$3,500/2]

Accounts receivable turnover = $13,940 / $3,400

Accounts receivable turnover = 4.1 times

c. Average collection period = 365 / Accounts receivables turnover

Average collection period = 365 / 4.1

Average collection period = 89.0244

Average collection period = 89 days

d. Inventory turnover = Cost of goods sold / [Beginning inventory+Ending inventory/2]

Inventory turnover = $9,000 / [$1,500+$1,500/2]

Inventory turnover = $9,000 / $1,500

Inventory turnover = 6 times

e. Days in inventory at the end of the current year = 365 / Inventory turnover

Days in inventory at the end of the current year = 365 / 6

Days in inventory at the end of the current year = 60.8333

Days in inventory at the end of the current year = 61 days

3 0
2 years ago
The economic analysis of minimum wage involves both normative and positive analysis. Consider the following consequences of a mi
ICE Princess25 [194]

<u>Explanation:</u>

First, remember that the difference between <em>normative and positive economic analysis</em> is that;

Normative analysis take a somewhat neutral view by stating how the world should be. While

The Positive analysis states the facts. That is, it describes the world as it is.

<u> Thus, a </u><u>Normative analysis</u><u> of the consequence of minimum​ wage would be the following statements:</u>

c. In some cities such as San Francisco and New​ York, it would be impossible for low−skilled workers to live comfortably in the city without minimum wage laws.

d. The gains to winners of a minimum wage law should be valued more highly than the losses to losers because the latter primarily comprises businesses.

<u>And a </u><u>Positive analysis</u><u> of the consequence of minimum​ wage would be the following statements:</u>

a. The minimum wage law causes unemployment.

b. A minimum wage law benefits some groups and hurts others.

4 0
2 years ago
Assume the following: The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods
adell [148]

Answer:

Direct material price variance= $12,500 unfavorable

Explanation:

Giving the following formula:

The standard price per pound is $2.00.

The actual quantity of materials purchased and used in production is 50,000 pounds.

The actual purchase price per pound of materials was $2.25.

<u>To calculate the direct material price (spending) variance, we need to use the following formula:</u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (2 - 2.25)*50,000

Direct material price variance= $12,500 unfavorable

6 0
3 years ago
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