Answer:
Benefits-received principle
Explanation:
This principle says that the people who benefit most from government assistance programs should be the one to pay for them. Regressive taxes represent a higher portion of money for low income families, with the idea that it is okay because the government provides more services for low income families.
Answer:
d. Relatively smaller shortages in the short run than in the long run because supply and demand tend to be more inelastic in the short run than in the long run.
Explanation:
"The adverse effects of rent control are less apparent to the general population because these effects occur over many years. In the short run, landlords have a fixed number of apartments to rent, and they cannot adjust this number quickly as market conditions change. Moreover, the number of people searching for housing in a city may not be highly responsive to rents in the short run because people take time to adjust their housing arrangements. Therefore, the short-run supply and demand for housing are relatively inelastic."
Reference: Gans, J., King, S., & Mankiw, N. G. (2011). Principles of microeconomics. Cengage Learning.
Answer:
Juen 30 2018 Cash $60000 Dr
Accumulated Depreciation $216000 Dr
Loss on Disposal-Plant Equipment $24000 Dr
Plant Equipment $300000 Cr
Explanation:
The sale of an asset requires a firm to write off that asset from the books at cost. The writing off would require the credit to the asset account at cost along with a debit to the accumulated depreciation account that is created against this asset.
We also calculate the gain or loss on disposal of asset. An asset has a gain on disposal if the cash received from its sale is more than its carrying value and vice versa.
Carrying Value = Cost - Accumulated Depreciation
Carrying value = 300000 - 216000 = $84000
The asset loss on disposal = 60000 - 84000 = 24000 loss
We debit the loss on disposal and cash received from sale to complete the journal entry
because it provides monetary assistance to people with inadequate or no income and it provides benefits to retired people and those who are unemployed or disabled
I hope this helps