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3 years ago

What is a commodity?

Business

1 answer:

BabaBlast [244]3 years ago

3 0

The correct answer is D. Something of value that can be bought, sold, or traded

Explanation:

The word "commodity" is used in economics to refer to any good or product that has an economic value and due to this, can be part of the market. This means any commodity can be traded, sold, or bought. Moreover, this concept is mainly applied to raw materials such as coal, timber, or wheat that can be used to make other manufactured products such as plastics, furniture, or flour. According to this, the option that correctly describes the word commodity is option D.

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On May 7, Jernigan Company purchased on account 510 units of raw materials at $18 per unit. During May, raw materials were requi

Paladinen [302]

Answer and Explanation:

The journal entry to record the purchase is shown below;

Materials (510 units × $18) $9,180

To Accounts payable $9,180

(To record the purchases)

Here the material is debited as it increased the assets and credited the account payable as it also increased the liabilities

Therefore the above journal entry should be passed

3 0

2 years ago

Which of the following can explain the upward slope of the short-run aggregate supply curve? a. nominal wages are slow to adjust

Goryan [66]

Answer: A - nominal wages are slow to adjust to changing economic conditions

Explanation:

In the short run, the costs of many of the factors used in the production process are fixed. For example labours wage is fixed for a number of years because of labour contracts. Also the raw materials used in the production process have long term agreements that fix their prices.

As a result of factors of production been fixed in the short run, when general price level rises and the cost of production remains constant, profit also rises.

Firms take advantage of this rise in price and increase production and the quantity of aggregate supply increases. This is why the short run aggregate supply curve is upward sloping.

7 0

3 years ago

On January 2, 2015, Roth, Inc. purchased a laser cutting machine to be used in the fabrication of a part for one of its key prod

Irina18 [472]

Answer:

Explanation:

Depreciation is the systematic allocation of the cost of a machine over its useful lifetime.

There are different types of depreciation like the straight line , double declining and the units of production method.

<u>Workings</u>

Depreciable amount = 120,000-5000 = 115,000

Useful life = 4 years

Depreciation rate = 115000/4 = 25% = 28,750

2015 2016 2017 2018

Straight line depreciation 28,750 28,750 28,750 28,750

Double declining

Double declining rate = 25%*2 = 50%

2015 = 50% * 115,000= 57,500

2016

Opening book value = 115,000-57,500 = 57500

Depreciation = 57,500*50% = 28,750

2017

Opening book value = 57500-28,750 =28750

Depreciation = 50%*28,750 =14,375

2018

Opening book value 28750-14375 = 14375

Depreciation = 14375*50% = 7188

Units of production

2015 = 280000/1150,000*115,000 = 28,000

2016 =430,000/1150000*115000 = 43,000

2017= 360000/1150000*115000 = 36,000

2018 = 80,000/1150000*115000 = 8000

IF the machine was bought on July 1, 2015

Straight line depreciation

2015 = (25%*115000 ) /2 = 14,375

2016 =25%* 115,000 = 28,750

2017 = 25%*115000 = 28750

2018 = 25%*115,000 =28750

2019 =(25%*115000)/2 = 14,375

Double declining method

2015

(115,000*50,000)/2 =28750

2016

Opening book value =115,000-28750 =86250

Depreciation = 50%*86250 = 43,125

2017

Opening book value =86250-43125 =43125

Depreciation = 43,125*50% = 21,563

2018

Opening book value

43125-21563 =21562

Depreciation = 21562*50% =10,781

2019

Opening book value = 21562-10781 =10781

Depreciation = 50%*10781 = 5391

3 0

3 years ago

Steve and Grace know that their nephew loves to travel. Steve and Grace find a great deal on a timeshare and tell Mike they are

Alexxandr [17]

Answer:

Explanation:

That depens of the red tape, if there is one, Mike can claim rigths over the good depending on the negotiation, but if there is no a signed deal it is impossible to claim according to the law.

3 0

2 years ago

All of the following are healthy behaviors in a romantic relationship EXCEPT:

Gnesinka [82]

A. Independence

When your in a realtionship, your mate will as be there for you doing hard times and good times. There is no Independcne in a romantic realtionship.

Independence means being strong and able to survive ALONE.

Alone, alone, alone!!!!!

3 0

2 years ago