Answer:
An economic system is defined by the way scarce resources are distributed in an economy.
There are 4 types of major economic systems which are following;
- A mixed economy is an economic system, like its name is a mix of elements of planned economies, free markets with intervention of the state and public enterprises.
- A command economy is a system where the government is key decision maker of what goods and services will be produced and introduced by the economy.
- A market economy is the one in which the investment, production and distribution are dictated by the forces of demand and supply.
- A traditional economic system is a result of customs, history and cultural norms which include the rules and manner of their distribution as well.
Answer:
The amount received on June 24 is $686
Explanation:
given data
sold account = $1,000
terms = 2/10, n/30
returns merchandise = $300
to find out
amount of cash received on June 24
solution
we know here that payment is made within the discount period
that is discount period = 10 days
so amount received will be here
amount received = sold account - returns
amount received = $1000 - $300
amount received = $700
and discount is here
discount = 2% of amount received
discount = 2% × $700
discount = $14
so
amount of cash received is = amount received - discount
amount of cash received is = $700 - $14
amount of cash received is $686
Answer:
the amount of the adjustment in the Allowance for
Bad Debts account $3.000
Explanation:
Initial Balance
Allowance for Uncollectible Accounts $ 9.000
END Balance
Allowance for Uncollectible Accounts $ 12.000
The adjustment entry in the accountig will be
Bad debt expense $ 3.000
Allowance for Uncollectible Accounts $ 3.000
The process is a multiplicative inverse of which people seem to check
Answer and Explanation:
The computation of the service level and the corresponding optimal stocking level is shown below:
Given that
Selling price = SP = $4.50
Cost price = CP = $3.00
So,
Salvage value = V = $1.50
Average daily demand (d) = 35 quarts
The standard deviation of daily demand = 4 quarts
based on the above information
Overage cost = (Co) is
= CP - V
= $3.00 - $1.50
= $1.50
Now
Underage cost= (Cu)
= SP - CP
= $4.50 - $3.00
= $1.50
So,
Service level is
= Cu ÷ (Co + Cu)
= 1.50 ÷ (1.50 + 1.50)
= 1.50 ÷ 3.00
= 0.50
= 50%
Now
At 50 % service level, the value of Z is 0
So,
Optimal stocking level is
= d + Z × standard deviation
= 35 + (0 × 4)
= 35 + 0
= 35 quarts
