<span>agreement to modify an existing contract would be the answer</span>
Answer:
1. Accounts receivable
2. Notes receivable
3. Other receivable
Explanation:
Sold merchandise on account for $64,000 to a customer - Accounts receivable. Since the merchandise is sold on credit to a customer, the same is recorded in the current assets of the balance sheet as accounts receivable.
Received a promissory note of $57,000 for services performed - Notes receivable. Since the promissory note is received for service performed which we term as a note receivable. This also come under the current assets of the balance sheet
Advanced $10,000 to an employee - Other receivables - As an advance is given to an employee neither is an account receivable nor it notes receivable. So, it is term as an other receivable
Answer:
Government intervention in the economy.
Explanation:
The government in some cases take actions that affect the economy to have an impact and address inefficiencies. In this case, the intervention takes the form of a regulation that establishes a lobster fishing season in the state of Florida. Because of that, the answer is that this is an example of government intervention in the economy.
Answer:
Therefore retained earnings at December 31 is $273,000
Explanation:
Items that increase retail earnings include:
Beginning balance
Net income
Cash dividends
Beginning balance as at January 1,2020 = $ 230,000
Net income = $ 133,000
Cash dividends = ($90,000)
Therefore, retained earnings = Beginning balance + Net income -Cash dividends
= $230,000 + $133,000 - $90,000
= $ 273,000
Answer:
The correct answer is substitution bias.
Explanation:
Samantha goes to the grocery store to purchase ginger ale.
She notices that the price of ginger ale has been increased 15 percent, so she decides to buy some peppermint tea instead.
But in the calculation of CPI, this increase in the price will be included and the substitution of cheaper goods for the expensive one. The value of CPI will increase and inflation will be overestimated.
Though consumer spending is not increasing as she is purchasing the cheaper goods instead of a more expensive one, the CPI will indicate higher spending.
This problem is referred to as substitution bias, as substitution of goods is not included in the calculation of CPI.
