All categories

3 years ago

Identify the three uses of money and give an example of each.

1 answer:

3 0

Medium of exchange - you can buy stuff with it store of value - you can save it up and buy stuff with it later measure of value - you can say that your parent's how was worth $200K before the crisi.

You might be interested in

The following information applies to the questions displayed below] A local Chevrolet dealership carries the following types of

myrzilka [38]

Answer:

Chevrolet Dealership

A) The total cost of the entire inventory is:

= $575,000

B) Each inventory would be reported at the LCNRV:

Inventory Items Quantity Reporting Cost/Value

Vans 4 NRV

Trucks 7 NRV

2-door sedans 3 Cost

4-door sedans 5 Cost

Sports cars 1 Cost

SUVs 6 NRV

C) Journal Entry:

Debit Cost of goods sold $27,000

Credit Inventory $27,000

To write-down costs to net realizable values.

D) TRUE.

Explanation:

a) Data and Calculations:

Inventory Items Quantity Cost per unit NRV per Unit LCNRV

Vans 4 27000 $108,000 25000 $100,000

Trucks 7 18000 126,000 17000 119,000

2-door sedans 3 13000 39,000 15000 39,000

4-door sedans 5 17000 85,000 20000 85,000

Sports cars 1 37000 37,000 40000 37,000

SUVs 6 30000 180,000 28000 168,000

Total Cost $575,000 $548,000

3 0

3 years ago

Consider a corrupt provincial government in which each housing inspector examines two newly built structures each week. All the

Anarel [89]

Answer:

a) If bribes cost $1,000 each, how much will a housing inspector make each year in bribes?

So, if the corrupt inspector approves two newly built structures each week, ti means that he is bribed twice per week. There are 52 weeks in a year, so he gets a total of 104 bribes (52 x 2). If each bribe costs $1,000, then he makes a total of: $1,000 x 104 = $104,000 in bribes per year.

c) Corrupt officials may have an incentive to reduce the provision of government services to help line their own pockets.

This statement is true. Corrupt officials will want to have private companies they can obtain bribes from provide government services. It increases the probability of them making money from bribes.

d) What if reducing the number of inspectors from 20 to 10 only increased the equilibrium bribe from $1,000 to $1,500?

Reducing the number of inspectors in hafl means that each inspector now gets twice the bribes. Because the equilibrium price did not double as did the quantity of bribes, each inspector will make less money than expected, but they will still the incentive to collect all the four bribes per week.

7 0

3 years ago

The country of Alaine produces 1,000 tons of corn during a year. It is valued at $500 per ton. A lobbyist for the corn industr

Debora [2.8K]

Answer:

D. Corn is not used in the production of other goods.

Explanation:

D is the only option that can be an argument for the total value of the corn produced to be included as corn for the same year in the GDP.

This is due to the fact that only the final production is recorded in the GDP, this means that no goods are registered that are going to be part of other productive processes (generally raw materials) since double accounting would be incurred.

If for example, corn were part of another productive process and this productive process begins next year, that part of the corn used to produce that good would be included in the GDP of the year in which the product will be produced (the one that corn is used in the production).

This means that the lobbyist can only rely on option D (include all the value of corn for the year in which it was produced) if in this country the corn is not part of another productive process.

5 0

3 years ago

Askew Company uses a periodic inventory system. The June 30, 2021, year-end trial balance for Askew company contained the follow

Softa [21]

Answer:

$233,000

Explanation:

As we know that

Cost of goods sold = Beginning inventory + net purchase - ending inventory

where,

Beginning inventory = $32,000

Net purchase is

= Purchase - purchase discounts - purchase returns + freight in

= $240,000 - $6,000 - $10,000 + $17,000

= $241,000

And, the ending inventory is $40,000

So, the cost of goods sold is

= $32,000 + $241,000 - $40,000

= $233,000

We simply applied the above formula so that the cost of goods sold could come

7 0

3 years ago

The audit working papers often include a client-prepared, aged trial balance of accounts receivable as of the balance sheet date

Mars2501 [29]

Answer:

C. Estimate credit losses.

Explanation:

the client prepared aged triad balance of account receivable is generally included in audit documents so that the evaluation of estimated credit losses can be done.

Therefore, This aging is best used by the auditors to Estimate credit losses.

7 0

3 years ago