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katrin2010 [14]
3 years ago
15

Taylor Company purchased a piece of equipment for $2,000 several years ago. It would cost $4,000 to replace that piece of equipm

ent. A. The equipment should be recorded at $4,000 in the accounting records because that is the replacement cost. B. The company can choose whether to report the equipment at $2,000 or $4,000. C. The equipment should be recorded at $2,000 in the accounting records because that was the exchange price. D. None of the above are correct.
Business
1 answer:
Black_prince [1.1K]3 years ago
6 0

Answer:

C. The equipment should be recorded at $2,000 in the accounting records because that was the exchange price.

Explanation:

The equipment should simply be recorded at $2,000. For example, if it was paid in cash, the journal entry would be:

Account                      Debit           Credit

Equipment                $2,000

Cash                                                $2,000

The fact that it would cost $4,000 to replace it does not mean that it will be replaced. It is only a hypothetical scenario that should not be recorded in the accounting journal, because it does not reflect economic reality.

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Suppose that Dillon derives 40 utils of total utility from eating 5 hotdogs and 42 utils of total utility from eating 6 hotdogs.
gavmur [86]

Answer: The marginal utility is 2

Explanation:

Utility is the satisfaction derived from the consumption of a particular commodity. Total utility is the total satisfaction derived from the consumption of a particular commodity. Marginal utility is the extra satisfaction that a consumer gets from consuming a product. Utility is measured in utils.

Marginal utility increases with an extra consumption of a good at first but later it begins to reduce as the extra good consumed doesn't really have give the consumer enough satisfaction anymore.

Regarding the question, eating 5 hotdogs gives 40 utils and eating 6 hotdogs gives 42 utils.

The marginal utility is the extra utils which will be 42-40 which gives 2 utils.

3 0
3 years ago
Research any three successful entrepreneurs of your choice.
charle [14.2K]

Answer:

1. Andrew Carnegie

You probably recognize Andrew Carnegie’s name, since he’s one of the most famous and richest industrialists of all time. However, he didn’t accumulate his wealth as a result of formal education or a business-charged background. Instead, he dropped out of school at a young age and spent the major portion of his youth performing manual labor. He was a bobbin boy at a local cotton mill and then became a telegraph messenger. It wasn’t until he taught himself how to read and entered the railroad industry that he began to build the empire that would make him (and his family) a fortune.

2. John Paul DeJoria

You may not have heard of John Paul DeJoria, but you’ve certainly indulged in some of the beauty products attached to his name. Now a multi-billionaire and one of the most accomplished entrepreneurs in modern history, DeJoria got his start as a newspaper courier. To make ends meet, he worked as a tow truck driver and a janitor. Eventually, he found his way to working at a hair-care company, where he met his future partner, Paul Mitchell. With minimal experience and a $700 loan, the duo founded a company now known as John Paul Mitchell Systems. From there, DeJoria co-founded Patron Spirits and the House of Blues.

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If someone asked you for a loan to start a restaurant, but had no formal culinary training or experience, would you make that loan? It seems crazy to think anyone could become a successful restauranteur without a background in the industry, but that’s exactly what Harlan “Colonel” Sanders was able to do. When he started his line of Kentucky Fried Chicken restaurants, the only experience he had was cooking for his siblings as a child and working at a number of odd jobs.

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Answer:

they are dependent on situational probabilities

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The decision making is not certainty because his decision on which torch to buy is dependent on probabilities neither is it uncertain because we have information on probabilities of what the outcome might be.

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Answer:

Disparate impact.

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