Answer:
Given that,
Value of promissory note = $11,700
Time period = 60 days
Interest rate = 14%
Interest revenue:
= Note value × Interest rate × Time period
= $11,700 × 0.14 × (60/360)
= $273
Therefore, the journal entry is as follows:
Accounts receivable A/c Dr. $11,973
To Interest revenue $273
To Notes receivable $11,700
(To record the dishonored note)
Answer:
The correct answers are:
A) Common resource
B) Private good
C) Public good
Explanation:
A) Common resources are natural sources, goods or services that provide tangible benefits. In the example, even if the treadmill is inside a fitness room that is open to the public, it is not a public good itself because the treadmill can be used only once at the time.
B) Private goods are those that someone can claim for ownership. In the case, the new drone is only being lent by one person so the others take turns to use it but, it belongs to that very same person.
C) Public goods can be consumed by an individual without the need of taking away others the possibility of using them at the same time. The clock in the park can be freely used by anybody -at any moment- who is around that place.
Answer:
Wilson Towing Service
Income Statement
For the month ending June 30, 2016
Service revenue $12,500
Salaries expense ($2,500)
<u>Rent expense ($500)</u>
Operating profit $9,500
The income statement tells us how much profit/loss did a business make during a certain period of time. In this case, the operating profit was $9,500. In order to calculate net income we would need to subtract taxes but we are not given the tax rate or the taxes due.
Closest to the view of the majority of voters.
The Anthony Downs model attempts to apply economic theories to political decision making.
