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Iteru [2.4K]
3 years ago
7

Two major virtues of the market system are that it:

Business
1 answer:
podryga [215]3 years ago
4 0

The correct answer is allocates resources efficiently and allows economic freedom.

The market system of economics is one where economic decisions and the pricing of goods and services are guided solely by supply and demand and there is limited to no government interaction in the economy. Because of this, two major virtues of the market system are that it allocates resources efficiently and allows economic freedom.

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What does cc and bcc mean in business studies​
WARRIOR [948]

Answer:

Using cc means that you send the email to another person — or other people — in addition to the primary recipient or recipients. When you use cc, everyone who receives the email can see who else received it. Bcc (“blind carbon copy) also sends a copy of the email to one or more people beyond the primary recipient(s).

Explanation:

4 0
3 years ago
Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in Dece
Strike441 [17]

Answer:Yes it should be reported.

$2.8 million should be reported in the the balance sheet as a liability.

Explanation: Contingent liabilities are liabilities that depend on the outcome of an event that may likely not occur.

Before they can be reported in financial statement, it must be able to estimate the value of such contingent liability and the liability must have a higher than 50% possiblity of being achieved.

If the value can be estimated, then the liability has a higher chance of being realised.

Qualifying contingent liabilities such as the $2.8 million estimated by Top Sound International should be recorded in the income statement as an expense and a liability on the balance sheet.

Therefore the $2.8 million liability should be reported in its 2018 balance sheet

6 0
3 years ago
Which kind of business organization does not allow for profit sharing?
Nataly_w [17]
The answer is d sole proprietorship
6 0
3 years ago
Giada Foods reported $1,010 million in income before income taxes for 2021, its first year of operations. Tax depreciation excee
Fiesta28 [93]

Answer:

$32.4 million

Explanation:

The computation of the balance in the deferred tax liability in the December 31, 2021, balance sheet is shown below:

Deferred tax liability  is

= Tax depreciation exceeded depreciation for financial reporting purposes × enacted tax rate

= $108 million × 30%

= $32.4 million

Simply we multiplied the exceeded amount with the enacted rate so that the deferred tax liability could come

6 0
3 years ago
applied vs. actual manufacturing overhead davis manufacturing corporation applies manufacturing overhead on the basis of 150% of
Mashcka [7]

Answer:

Subapplication of    22,500

journal entry:

WIP                   4,500 debit

finished goods 2,250 debit

COGS               15,750 debit

    factory overhead               22,500 credit

Explanation:

Direct Labor cost during the year:

60,000 + 30,000 + 210,000 = 300,000 direct labor

<u></u>

<u>Applied overhead:</u>

cost driver x predetermined rate

300,000 x 150% = 450,000

Actual overhead:   472,500

Subapplication of    22,500

as this is a significant amount we must adjust the WIP  inventory, cost of goods sold and fnished goods inventory

to know the adjustment on each account we calcualte each account percentage:

300,000   -->   22,500

60,000 --> 60,000/300,000 x 22,500 = 4,500 endingWIP

30,000 --> 30,000/300,000 x 22,500  = 2,250 finished goods

210,000--> 210,000/300,000 x 22,500 = 15,750 COGS

we do the adjuting entry to increase overhead and transfer into each concept

8 0
3 years ago
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