What are two benefits can the people get from the free-market system

Rane Company had the following assets on January 1, 2017.

Viefleur [7K]

Answer:

Journal entries are prepared below

Explanation:

Journal entries required are given as follows

Jan. 1 (To record retirement of machinery)

Debit Credit

Accumulated depreciation-equipment $69,580

Equipment $69,580

June. 30 (To record the depreciation expense on forklift)

Debit Credit

Depreciation expense 2940

Accumulated depreciation-equipment 2940

Working

Annual depreciation = $29,400 / 5 years = $5880

depreciation for 6 months = $5880 x 6/12 = $2940

June. 30 (To record sale of forklift)

Debit Credit

Cash 11760

Accumulated depreciation-equipment(w) 20580

Equipment 29400

Gain on disposal of plant assets 2940

Working

Accumulated depreciation = 5880 x 3.5 years

Dec. 31 (To record depreciation expense on truck)

Debit Credit

Depreciation expense 3724

Accumulated depreciation-equipment 3724

Working

Annual depreciation on truck = ($32,736- $2,944) / 8 years = $3724

Depreciation for 2017 = $3724

Dec. 31 (To record discarding of the truck)

Debit Credit

Salvaged materials 2,944

Accumulated depreciation-equipment 22344

Loss on disposal of plant assets 7448

Equipment 32,736

Working

Accumulated depreciation = 3724 x 6 years = 22,344

6 0

3 years ago

Assume there are only three possible states of nature for the economy in the future: boom, normal, and recession. If there is a

BartSMP [9]

Answer:

a. 45%

Explanation:

The sum of total probabilities is always equal to 1. Since in the given question only three probabilities are given, so the sum of these three probabilities shall be 1 which is represented as follows by the equation:

probability of boom+probability of normal+probability of recession=1

In the given question:

probability of boom=30%

probability of recession=25%

30%+probability of normal+25%=1

Probability of normal=1-25%-30%=45%

So based on the above calculations, the answer shall be a. 45%

7 0

3 years ago

What is the Best loan option for your<br> lemonade Stand? Why?

Arte-miy333 [17]

Answer:

Short term loan

Explanation:

Lemonade stand can be regarded as a small business, Hence, the loan that suit the business is " Short term loan".

Short term loan can be regarded as loan that can be obtained to give support to ones personal as well as business capital. It is designed for the needs of small business capital with less interest compare to long term loan. The period of payment is usually within a year. It is of low risk and good profit.

4 0

2 years ago

In 2010 the United States posted a current account deficit of -$471 billion. The bulk of the negative value came from: A. a good

Brut [27]

Answer:

A. a goods trade deficit

Explanation:

The current account represent the trade balance (export less import) plus

the net income (person receiving interest, rent or wages from aboard less person and companies paying foreingers) and

the direct payment. ( remittances from wroker to US)

As the US is one of the most open-economies in the world the mayority of this deficit comes from import of good and services from aboard.

Another factor, is that US company invest around the world thus, the net income should be positive.

And becuase the US economy is strong as opposite of Mexico or other Latin America countries, the average US employee abroard will not send their wages to support his family.

Thus, we should ensure the deficit comes from a negative trade deficit.

6 0

3 years ago

Skye Pye Corporation, a U.S. firm, wishes to participate, but limit its involvement, in Middle Eastern markets. Skye Pye empower

lutik1710 [3]

Answer:

An agency relationship

Explanation:

An agency relationship is one in which a party follows up for the benefit of and with the authority of another party. The head of a firm or organisation names or approves a specialist to follow up for the company benefit. Subsequently, she is answerable for the moves of the operator made in encouragement of her obligations or per the guidelines of the head. The specialist will connect with the third party on behalf of the company.

7 0

3 years ago