Is there anyone good in Accounting?

2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, o

erastovalidia [21]

Answer:

1- A cabana along a beach that is open to the public --- Common resource

2- A new drum set for you to play in your friend's band --- Private good

3- A large, beautiful statue in a town square --- Public good

Explanation:

1- Common resources are goods that are not excluded, but are rival. Not excluded means that no restrictions can be imposed on the use, such as paying a price, for example because there is no personnel or technical provision available to enforce this.

2- Private goods are defined as goods that are excluded and rival. Private goods are the opposite of public goods.

Excluded means that some consumers can be excluded from the use of this good. For example: Someone has bought a good and decides who uses the good.

In turn, rival means that, if used properly, it cannot be consumed again or simultaneously by others.

3- A public good is a commodity or service characterized by two basic characteristics: non-rivalry and non-excludability.

Non-rivalry means that a person's consumption of a commodity does not affect the quantity or quality of the same commodity that another person can consume.

Non-excludability means that it is impossible to exclude anyone from the consumption of an item (for example, because it did not pay for the item). Goods that hold only one of the properties are called semicollective goods, while the goods that possess both properties are called genuine collective goods.

5 0

3 years ago

The economy of Elmendyn contains 2,000 $1 bills. a.If people hold all money as currency, the quantity of money is $ . b.If peopl

atroni [7]

Answer:

(a) $2,000

(b) $2,000

(c) $2,000

(d) $8,000

(e) $3,200

Explanation:

Given that,

Number of bills = 2,000

Worth of each bill = $1

(a) If people hold all money as currency, then the quantity of money is determined as follows:

= Number of bills × Worth of each bill

= 2,000 × $1

= $2,000

(b) If people hold all money as demand deposits and banks maintain 100 percent reserves,

Money multiplier = 1/ Reserve requirement ratio

= 1/1

= 1

Quantity of money:

= Money multiplier × Demand deposits

= 1 × $2,000

= $2,000

(c) If people hold equal amounts of currency and demand deposits and banks maintain 100 percent reserves,

Therefore,

Currency = $1,000

Demand deposits = $1,000

Quantity of Money:

= Currency with public + Demand deposits

= $1,000 + $1,00

= $2,000

(d) If people hold all money as demand deposits and banks maintain 25 percent reserves,

Money multiplier = 1/ Reserve requirement ratio

= 1/0.25

= 4

Quantity of money:

= Money multiplier × Demand deposits

= 4 × $2,000

= $8,000

(e) If people hold equal amounts of currency and demand deposits and banks maintain 25 percent reserves,

Now, we know that

Currency = Demand deposits .....(1)

Banks maintain 25 percent reserves,

4 × ($2,000 - Currency) = Demand deposits

4 × ($2,000 - Demand deposits) = Demand deposits

$8,000 = 5 Demand deposits

$1,600 = Demand deposits

Therefore, the currency = $1,600

Quantity of money:

= Currency + Demand deposits

= $1,600 + $1,600

= $3,200

8 0

4 years ago

In what ways has Marxism ideology influenced America’s workers?

Mashutka [201]

The Marxism ideology is based on the practices of Communism. And based on this, how this influenced America's workers include the following:
-Samuel Gompers saw the power in the collective voice of the oppressed worker.
-Gompers understood and leveraged the revolutionary power of angry, poor workers.
-The workers needed a voice to demand sustainable living and working conditions and by banning together they had that voice.

4 0

3 years ago

Read 2 more answers

Schiller Company has unit costs of $2 for materials and $6 for conversion costs. There are 5,600 units in ending work in process

bogdanovich [222]

Answer:

$19,600

Explanation:

Using the FIFO method, only 25% of the inventory should be valued at full cost (conversion + materials), while the remaining 75% of the 5,600 units should be valued only at the materials cost, since conversion is still required. The total cost assigned to ending work in process inventory is:

$WIP = 5,600*0.25*(\$2+\$6)+5,600*0.75*\$2\\WIP=\$19,600$

The total cost is $19,600.

7 0

3 years ago

The following account balances were taken from the adjusted trial balance for Urgent Messenger Service, a delivery service firm,

quester [9]

Answer:

Urgent Messenger Service

Income Statement

for the fiscal year ended November 30, 20Y1

$ $

Fees Earned 990,000

Supplies Expense (7,150)

Gross Income 982,850

Less: Operating Expenses

Depreciation Expense 12,200

Insurance Expense c 5,750

Miscellaneous Expense 6,650

Rent Expense 80,000

Salaries Expense 502,400

Utilities Expense 40,000

(647,000)

Net Income 335,850

Explanation:

Income statement shows the the income / loss of a business for the period. It measure the net value after deducting all the expenses from the all the incomes of the business.

3 0

3 years ago