Relationship of the firm to other economic agents.
Explanation:
Economics is a branch of social science where it shows the relation between the firm as well as other economic agents. The economic agents can interact individually as well as in an aggregate way. An economic agent is referred to as decision maker that can effect the economy at the time of selling, producing, buying. The various examples of economic agents are firm, households, individuals as well as business.
In this context NYC is a firm and the rent guideline boards as well as the landlords are various economic agents. In this context a relationship is shown between the firm and the economic agents.
Answer and Explanation:
The Journal entry is shown below:-
Bond interest expense Dr, $18,610
To Cash $18360
To Discount on bonds $250
(Being first interest payment is recorded)
For recording the first interest payment we simply debited the bond interest expenses as it increased the expenses and we credited cash and discount on bonds as it reduced the assets and the discount should be credited
Working Note
Total discount on bonds issued = Sold bonds - Received proceeds
= $408,000 - $403,000
= $5,000
Amortization of Semi Annual Discount = Total discount on bonds issued ÷ Number of periods
= $5,000 ÷ 20
= $250
Cash interest paid = Sold bonds × Interest rate × From Jan to June ÷ Total number of months in a year
= $408,000 × 9% × 6 ÷ 12
= $18,360
Total Interest expense = Cash interest paid + Amortization of Semi Annual Discount
= $18,360 + $250
= $18,610
Answer:
The correct answer is a requirements contract.
Explanation:
Contract requirements are those essential for a contract to simply be born into legal life, regardless of whether or not it does so with validity or effectiveness. Therefore, they refer to a mere question of fact that could respond to the question: is there a contract? Such requirements are: the expression of will, the existence of an object and a cause. Once these three requirements are met, the previous question can be answered affirmatively. Otherwise there is no contract, the event has not occurred. As the Civil Code does not contain norms related to this question of existence, the courts generally sanction the omission of any of the indicated requirements declaring the contract null.
