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3 years ago

In what way does the kettle falls five case illustrate a weakness of a federal system? choose the best answer.

1 answer:

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The kettle falls five case illustrate a weakness of a federal system in such a way that f<span>ederalism limits political power and that it depends on compliance of state.</span>
<span>The federal system also aggravates the efficiency in awareness of Policies and its implementation. The kettle falls five case was very surprising.</span>

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Do you think the introduction of import tariffs is likely

olga2289 [7]

Answer: Tariffs increase the prices of imported goods. Because of this, domestic producers are not forced to reduce their prices from increased competition, and domestic consumers are left paying higher prices as a result. When a large importing country places a tariff on an imported product, it will cause the foreign price to fall. The tariff will reduce imports into the domestic country, and since its imports represent a sizeable proportion of the world market, world demand for the product will fall. The effects of tariffs are more transparent than quotas and hence are a preferred form of protection in the GATT/WTO agreement. A quota is more protective of the domestic import-competing industry in the face of import volume increases. A tariff is more protective in the face of import volume decreases. Tariffs bring about higher prices and revenues to domestic producers and lower sales and revenues to foreign producers. Like tariffs, import quotas restrict imports, lowering consumer surplus and preventing countries from fully realizing their comparative advantage.

Explanation:

5 0

3 years ago

Allowance for doubtful accounts is classified as a(n) ______ account and has a normal ______ balance.

tensa zangetsu [6.8K]

Allowance for doubtful accounts is classified as a(n) contra asset account and has a normal <u>credit </u>balance.

<h3>What is contra asset?</h3>

In a general ledger, a contra account is used to lower the value of a linked account when the two are netted together. The natural balance of a contra account is the inverse of the related account. The contra account records a credit if the connected account's natural balance is a debit. As an illustration, accumulated depreciation serves as the contra account for a fixed asset.

An account used in a general ledger to lower the value of a connected account is called a contra account.

They can be used to report a decrease or write-down in a different contra account that nets to the current book value while maintaining the historical value in the main account.

To learn more about contra asset from the given link:

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3 0

2 years ago

Ace Company borrowed $10,000 from Fair Rates Bank by signing a two-year note payable. Ace's operating cycle is 14 months. This n

salantis [7]

Answer:

The note will be stated as a long term liability on the balance sheet of the company.

Explanation:

Long term liability is the financial responsibility of the business which is due for more than a year in the future. The present portion of the long term debt which is separately listed in order to provide a more accurate view of the liquidity and the ability of the company to pay the current liabilities as they become due.

Company borrowed $10,000 from bank by singing a note of 2 year. This would be considered as the long term liability.

6 0

3 years ago

On October 1, 20XX, Bartley Corporation issued 5%, 10-year bonds with a face value of $500,000 at $520,000. The entry to record

babymother [125]

Answer:

b) credit of $520,000 to Bonds Payable

Explanation:

Date Accounts titles and explanation Debit Credit

Oct. 1 Cash $520,000

Premium on bonds payable $20,000

Bonds payable $500,000

(To record the issuance of bond at premium)

5 0

3 years ago

The income statement for the Skysong, Inc. for the month ended July 31 shows Service Revenue $16,010, Salaries and Wages Expense

madam [21]

Answer and Explanation:

The closing entries for the following accounts are presented below

1. Service Revenue A/c Dr $16,010

To Income Summary $16,010

(Being revenue account closed)

2. Income summary A/c Dr $11,930

To Maintenance and Repairs Expense $2,510

To Salaries and Wages Expense $8,410

To Income Tax Expense $1,010

(Being expenses accounts are closed)

3. Income summary A/c Dr $4,080 ($16,010 - $11,930)

To Retained earning $4,080

(Being the difference is credited to retained earning)

4. Retained earnings A/c Dr $1,350

To Dividend A/c $1,350

(Being dividend account is closed)

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4 years ago