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melomori [17]
3 years ago
10

2. Which of the following statements about money are correct?

Business
2 answers:
anyanavicka [17]3 years ago
8 0

Answer:

A.(1) and (2) only

Explanation:

<h3><u>Which of the following statements about money are correct?</u></h3>

(1) With the use of money, double coincidence of wants is not necessary in an exchange.

(2) With the use of money, the cost of looking for trading partners can be lowered.

Wittaler [7]3 years ago
6 0

Answer:

The statements that are correct about money are

(1) With the use of money, double coincidence of wants is not necessary in an exchange.

(2) With the use of money, the cost of looking for trading partners can be lowered.

Option: (A)

Explanation:

The concept of using money having a predefined value emerged from the idea of how convenient it would be to have a common commodity of exchange that could be used in exchange for anything and everything offered for sale. After the barter system eventually came to an end, the process of determining monetary values of commodities of day to day use began and inveterated gradually. As the prevalence of the use of common money grew, the necessity of double coincidence of wants ended soon. People who wanted to exchange wheat for maize no longer had to wait to come across someone who wanted to exchange maize for wheat.

With the introduction of money and an increase in its use, the time and efforts required to find a partner to trade with decreased dramatically. This made transactions more convenient and affordable and more people began to involve themselves in trading activities. The use of money not only dispensed ease of doing business but also helped in establishing faith and reliability among trading partners.

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All of the following are assumptions of the perfectly competitive model except: Select an answer and submit. For keyboard naviga
soldier1979 [14.2K]

Answer:

d

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

Perfectly competitive market consists of a large number of firms, and each firm is small relative to the entire market. This makes firms unable to set the prices for their goods.

It is the monopoly and oligopoly market structure that is characterised by high entry and exit into the market

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3 years ago
Question 1 Tamarisk Corporation issued 1,800 shares of $10 par value common stock upon conversion of 900 shares of $50 par value
Anastasy [175]

Answer:

The journal entries relating to the conversion of preferred stock to common stock are highlighted below:

Dr Preferred stock                                                 $45,000

Dr Paid-in capital in excess of par                        $9,900

Cr Common stock                                                                           $18,000

Cr Paid-in capital in excess(balancing figure)                                $36,900

Explanation:

Find in the attached the detailed computations of the amounts above.

Download xlsx
7 0
3 years ago
Which of the following is essential in a satisfying work environment?
Tems11 [23]
The answer is: B, A boss who is respectful and cooperative. Hope this helped.
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3 years ago
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Greiner, Inc., a calendar year S Corporation, holds no AEP. During the year, Chad, an individual Greiner shareholder, receives a
Likurg_2 [28]

Answer:

The long term capital gain= $30000-$25000

The long term capital gain= $5000

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Explanation:

Step 1 of 3

Tax treatment of amount distributed to shareholders:

The amount received as distribution to a shareholder under S Corporation is equal to the cash and fair market value of property distributed. The distribution is considered as tax-free to the limit that it does not exceed shareholder’s basis in the company’s stock. Any amount received in excess of basis will be treated as capital gain.

Step 2 of 3

However, taxation depends whether S Corporation has ever been a C Company or it posses’ accumulated earnings and profits. If it was never a C Corporation or doesn’t holds AEP then distribution equals to basis of share in S Corporation is a tax free gain for shareholder. Gain over and above basis is taxed as capital gains.

Step 3 of 3

In the given problem, C is a shareholder in S Corporation. He receives $30,000 as cash distribution. His basis in stock is $25,000. The distribution up to basis of stock is tax free distribution and above that is charged to capital gains. It is as follows-

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3 0
3 years ago
Prepare journal entries to record the following production activities.
blagie [28]

Answer:

1.Dr Work in progress inventory75,000

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Cr Factory Payroll Payable 20,000

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(75,000+20,000)

Cr Cash 95,000

Explanation:

Preparation to record Journal entry

1. Since the amount of $75,000 was been Incurred of the direct labour production this means we have to record the transaction as :

Dr Work in progress inventory75,000

Dr Payable Factory payroll 75,000

2. Since the amount of $20,000 was Incurred of indirect labor in production this means we have to record the transaction as:

Dr Factory overhead 20,000

Cr Factory Payroll Payable 20,000

3. Since factory payroll was paid the transaction will be recorded as :

Dr Factory wages payable 95,000

(75,000+20,000)

Cr Cash 95,000

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