B. Credit; discount on bonds payable
The answer would be that the answer is true
The answer is Inelastic.
Given,
the price of gasoline across Brevard County gas stations increases by 8%.
the quantity of gasoline purchased by Brevard County residents decreases by 2%.
The change in quantity demanded of a good or service when divided by the price change in percentage form the price elasticity of demand.
Price elasticity of demand = Percentage change in quantity demanded of gasoline ÷ Percentage change in the price of gasoline
Now, substituting the value in the above formula we get,
Price elasticity of demand = 2% ÷ 8%
= 0.25
Since the price elasticity for gasoline is less than 1 gasoline is inelastic in demand.
Hence, If the price of gasoline across Brevard County gas stations increases by 8% but the quantity of gasoline purchased by Brevard County residents decreases by 2%, then the demand for gasoline is inelastic.
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Answer:
1.
April 30
No entry required
This is because Cruz's attorney is certain it is remote that Cruz will lose this lawsuit.
June 30
DR Warranty Expense $14,400
CR Warranty Liability $14,400
Working = 360,000 * 4%
= $14,400
July 28
DR Warranty Liability $6,400
CR Cash $6,400
September 30
DR Lawsuit Loss A/c $150,000
CR Lawsuit Loss Liability $150,000
December 21
DR Warranty Expense $20,000
DR Warranty Liability $20,000
Workings ( Original question says 4%.)
= 4% * 500,000
= $20,000
2. Balance on Estimated Warranty Liability Account
June 30 14,400
July 28 (6,400) -
Dec 21 20,000 +
= $28,000 Credit
