All categories

3 years ago

2) If a country, like the US, can produce all of the goods and services needed by

Business

1 answer:

WITCHER [35]3 years ago

5 0

Answer:

See below

Explanation:

Specialization means a company or country concentrating on producing few commodities. In practice, a state or company will focus on the products it can produce more efficiently. It means focusing on goods they can manufacture at a lower cost compared to other countries.

The USA can specialize in the goods and services it can produce at a lower cost than other nations. It can then export these products to other countries at competitive prices. For products that are costly to manufacture in the USA, it is prudent to import them from countries that can produce them at lower costs.

Some products manufactured in other countries at a lower cost may be sold in the USA at fair prices than when produced in the USA.

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South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET AT END OF YEAR (Figures in $

drek231 [11]

Answer:

South Sea Baubles

1. Shareholders' equity in 2015 and 2016 = $300 and $260 respectively.

2. Net working capital in 2015 and 2016 = $25 and $110 respectively.

3. Taxes paid in 2016 = $84.

4. Cash provided by operations during 2016 = $666.

5. South Sea's gross investment in fixed assets = $100 ($105 - $95).

Explanation:

a) Data and Calculations:

BALANCE SHEET AT END OF YEAR (Figures in $ millions)

Assets 2015 2016

Current assets $ 105 $ 215

Net fixed assets 950 1,050

Total assets $1,055 $1,265

Current liabilities $ 80 $ 105

Long-term debt 675 900

Total liabilities $755 $1,005

Shareholders' equity $300 $260

Liabilities and Shareholders' Equity $1,055 $1,265

INCOME STATEMENT, 2016 (Figures in $ millions)

Revenue $ 2,025

Cost of goods sold 1,105

Gross profit $ 920

Depreciation 425

EBIT $495

Interest expense 255

Profit before taxes $240

Income taxes (35%) 84

Net Income $ 156

Cash provided by operations:

Net income = $156

Depreciation 425

Working capital:

Current assets 110

Current liabilities (25)

Net cash $666

8 0

3 years ago

During 2014 and 2015, Danny pays property taxes of $3,500 each year on a piece of land. During 2014, the land is vacant and unpr

motikmotik

Answer: the answer is C deduct $3500 each year.

Explanation: Whether the land is vacant and unproductive or it is used to generate income. The property tax for the land will be paid yearly

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3 years ago

Whitman has a direct labor standard of 2 hours per unit of output. Each employee has a standard wage rate of $26.50 per hour. Du

g100num [7]

Answer:

$137,800

Explanation:

A flexible budget uses the standard hour and costs adjusted to Actual level of output

thus

Flexible budget amount for direct labor = 2 x 2,600 units x $26.50 = $137,800

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3 years ago

With only two goods, if the income effect is in the same direction as the substitution effect then the good is ____.

Leya [2.2K]

Answer:

Normal good

Explanation:

Income effect Is change in quantity demanded when the consumers purchasing power change as a result of a change in real income.

Substitution effect is when quantity demanded falls as a result of rise in price of a good which leads consumers to purchase cheaper alternatives.

A normal good is a good whose demand increases as income increases.

If the price of a normal good falls, the real purchasing power of the consumer increases and the consumer buys more of the good. Also, the consumer substituites from more expensive alternative goods to the more cheap normal good. The income and substitution effect both move in the same direction.

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3 years ago

Scott's Cycles sells merchandise on credit terms of 2/15, n/30. A sale invoiced at $1,500 (cost of sales $975) was made to Shann

damaskus [11]

1. The journal entry to record the credit sale by Scott's Cycles, using a perpetual inventory system, is as follows:

February 1:

Debit Accounts Receivable $1,500

Credit Sales Revenue $1,500

To record the credit sales, terms 2/15, n/30.

Debit Cost of goods sold $975

Credit Inventory $975

To record the cost of goods sold.

2. The journal entry to record the collection of the account by Scott's Cycles is as follows:

February 9:

Debit Cash $1,470

Debit Cash Discounts $30

Credit Accounts Receivable $1,500

To record the collection of the account and cash discounts allowed.

3. The journal entry to record the collection of the account by Scott's Cycles is as follows:

March 2:

Debit Cash $1,500

Credit Accounts Receivable $1,500

To record the collection of the account.

2. The journal entry to record purchase on account by Scott's Cycles is as follows:

March 4:

Debit Inventory $9,000

Credit Accounts Payable $9,000

To record the purchase of bicycles and accessories, terms 3/10, n/30.

<h3>What are the journal entries?</h3>

Journal entries are the accounting records kept by an entity about its daily transactions.

Journal entries identify the accounts involved in each transaction and whether they will be debited or credited.

Learn more about recording journal entries at brainly.com/question/17201601

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2 years ago