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3 years ago

Secure property rights promote economic progress because they

Business

1 answer:

weqwewe [10]3 years ago

6 0

Answer:

The correct answer is a. encourage individuals to produce efficiently and undertake productive activities.

Explanation:

The right to property is the legal and immediate power that a person has to enjoy, dispose and revindicate on an object or property, without affecting the rights of others or exceeding the limits imposed by law.

The property right covers all material assets that may be appropriate, useful, of limited existence and that may be occupied.

That is, if a person owns a space of land in which a sweet potato crop grows, therefore he owns the sweet potatoes that are harvested there and can do with them what seems most convenient, that is, sell them, give them away or donate them, always within the framework that limits the law.

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g Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory co

Naily [24]

Answer:

W/A

COGS $ 425,750

EI $ 321.750‬

FIFO

COGS: $ 374,750

EI $ 371,750‬

LIFO

COGS $ 476,750

EI $ 270,750‬

Explanation:

Date Units Cost Subtotal

Begining3,400 50.00 170,000

Jan 30th 4,700 65.00 305,500

May 1st 3,400 80.00 272,000

Total 11,500 747,500

Sales units: 3,050 + 3,500 = 6,550

Weighted Average:

$747,5000 total value of the inventory / 11,500 units available = $65

COGS: 6,550 x $65 = $ 425,750‬

Ending Inventory: 747,500 - 425,750 = 321.750‬

FIFO

We sale the first units so the COGS are the frist 6,550 untis starting from the top:

3,400 beginning at 50

+ 3,150 Jan 30th at 65

COGS: 374,750

EI 747,500 - 375,750 = 371,750‬

LIFO we made sales of the lattest untis so in this case we start from the bottom:

3,400 May 1st at $80

3,150 Jan 30th at $65

COGS 476,750

EI 747,500 - 476,750 = 270.750‬

3 0

3 years ago

A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the end of the current year,

kogti [31]

Answer:

The required adjusting entry to record estimated bad debts expense is as follows:

Debit Bad Debts Accounts with $39,960

Credit Allowance for Doubtful Accounts with $39,960

Being the adjustment to bring the Allowance for Doubtful Accounts up a new credit balance of $43,625.

Explanation:

The Allowance for Doubtful Accounts had a credit balance of $3,665. Since management had estimated that $43,625 of the Accounts Receivable balance would be uncollectible, this means that the difference $39,960 ($43,625 - $3,665) would be the adjusting amount to bring the balance up-to-date.

Remember that the Allowance for Doubtful Accounts is a contra account to the Accounts Receivable. It is used to reduce the balance of the Accounts Receivable based on collectibility judgement or estimate which management makes out of experience. The balance in this account is, therefore d,educted from the Accounts Receivable in the Balance Sheet in order to obtain the net Accounts Receivable balance.

The account that expenses the increase in this account is the Bad Debts Expense Account, which is taken to the Income Statement to reduce the income.

4 0

3 years ago

Massillon Company manufactures two models (X100 and Z300) of its product. Its departmental overhead rates have been determined a

ASHA 777 [7]

Answer:

Correct answer is option d

Overhead cost per unit

Product X100 = $825

Product Z300 = $1400

Explanation:

Overhead cost per unit = (OAR × machine hours/labour hours per unit)

<em>Each product would be charged for overhead in each department using the overhead absorption rate applicable in each department</em>

Overhead cost per unit X100:

($50×15) +($15 × 5) = $825

Overhead cost per unit Z300

($50×25) +($15 × 10) = $1400

4 0

3 years ago

Read 2 more answers

Bill is the owner of a house with two identical apartments. He resides in one apartment and rents the other apartment to a tenan

Mnenie [13.5K]

Answer:

B. $2,600

Explanation:

The computation of the net rental income is shown below:

= Monthly rental payments × total number of months in a year - (utilities + maintenance & repairs + insurance) × percentage - depreciation expense

= $550 × 12 months - ($3,600 + $900 + $500) × 50% - $1,500

= $6,600 - $2,500 - $1,500

= $2,600

Since only one apartment is on rent so we considered the expenses of the building at 50% not full value and the same is applied above

5 0

3 years ago

A payments system based on money is A. more efficient than a barter economy because fewer prices are needed to establish relativ

Alchen [17]

Answer: Option A

Explanation: A money based payment system is the one in which the transactions involving exchange of goods and services are performed by using a common denomination called money. In such a system any commodity can be valued on the basis of money.

However in a barter system one commodity is exchanged for the other. Therefore, the double coincidence of wants is needed for fulfilling these transactions. The actual value cannot be determined for any commodity.

From the above we can conclude that the correct option is B.

8 0

3 years ago