Answer:
For 2 years
Explanation:
Financial responsibility is the procedure or the process which is defined as managing the money and also the other similar assets, in a method which is considered as productive and in the best interest of family, business or individual.
So, in order to show the proof of the financial responsibility in the near future, business or individual needs to show the proof for the 2 years because to make the proof comparable with the previous year.
Answer:
Subrogation
Explanation:
Is a term describing a legal right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured.
This is done in order to recover the amount of the claim paid by the insurance carrier to the insured for the loss
<u>After consumption spending</u><u> results when consumers become apprehensive about their job security and their </u><u>financial security.</u>
What happens to the price level as a result of an increase in spending ?
- As the average price level falls¸ consumers have more financial wealth and decide to increase spending.
- As spending increases, there will be upward pressure on the price of inputs including wages.
- As the marginal cost of production rises, businesses start to increase prices as they attempt to produce more.
What happens to the level of unemployment because of the increased spending?
- The higher spending causes businesses to raise prices. The economy returns to full employment at a higher price level.
- If the economy is left alone, the increased unemployment will eventually cause wages to fall and the economy will return to full employment at a lower price level.
What are the effects of unemployment essay?
- Effects of unemployment include over exploitation of available labor, reduced rate of economic growth, reduced human capacity, loss of human resources and increase in poverty levels .
- One positive effect of unemployment is the availability of adequate labor at reduced market prices.
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Answer:
Betty Incorporated
Journal Entries:
June 3:
DR Inventory $7,100
CR Accounts Payable (North Inc.) $7,100
To record the purchase of goods on account with terms 2/10, n/30.
June 5:
DR Accounts Payable (North Inc.) $2,600
CR Inventory $2,600
To record the return of goods on account.
June 6:
DR Inventory $2,500
CR Accounts Payable (South Corp.) $2,500
To record the purchase of goods on account with terms 2/10, n/30.
June 11:
DR Accounts Payable (North Inc.) $4,500
CR Cash Account $4,410
CR Cash Discount $90
To record the payment of balance owed to North Inc.
June 22:
DR Accounts Payable (South Corp.) $2,500
CR Cash Account $2,500
To record the payment of balance owed to South Corp.
Explanation:
The trade terms 2/10, n/30 mean that both North Inc. and South Corp. offered 2% cash discounts on amount paid by Betty Incorporated if it could settle its bills within 10 days. The net allowed credit days are 30 days, after which Betty Incorporated could be charged interest for late payment. It did not utilize the discount offered by South Corp. as it paid its bills after 16 days instead of within 10 days as stated in the trade terms.
The state has extensive authority to determine what goods and services are produced and in what quantities under centrally planned socialism.
A Centrally Planned Economy: What Is It?
A centrally planned economy, commonly referred to as a command economy, is a form of capitalism where decisions about the production and distribution of goods are made by the government. Market economies, where these decisions are the consequence of hundreds of choices made by producers and consumers, are different from centrally planned economies.
Although individual businesses may occasionally be brought into economic planning, state-owned corporations produce goods and services in planned economies frequently. In most cases, a centralized bureaucracy determines the costs, salaries, and production schedules.
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