Answer:
2. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.
Explanation:
Economics is defined as a study of how a society uses its limited resources. It deals with consumption, distribution, and production of goods and services.
Economics tries to find ways that unlimited wants can be satisfied with limited resources. Theories postulated are focused on how to optimally use scarce resources for production of goods and services, how am individual or organisation can maximise it's utility of a product.
Answer:
$5,000
Explanation:
The computation of total amount of excess fair over book value amortization expense adjustments to be recognized by red is shown below:-
Excess of fair value over book value = Land fair value - Land book value
= $52,000 -$42,000
= -$10,000
Here land is not amortized
Excess of fair value over book value = Building fair value - Building book value
= $390,000 - $200,000
= $190,000
Excess fair value over book value amortization expense adjustments to be recognized by red = Excess of fair value over book value of building ÷ Number of Years
= $190,000 ÷ 10
= $19,000
Excess of fair value over book value = Equipment fair value - Equipment book value
= $280,000 - $350,000
= ($70,000)
Excess fair value over book value amortization expense adjustments to be recognized by red for equipment = Excess of fair value over book value of equipment ÷ Number of Years
= ($70,000) ÷ 5
= ($14,000)
Total amount of excess fair over book value amortization expense adjustments to be recognized by red
= $19,000 - $14,000
= $5,000
Answer:
a. $7, 283 net income
Explanation:
The debits in an income statement represents the expenses while the credit entries represent the income. As such, given;
Total debits = $20,303
Total credits = $27,586
Net income/(loss) = $27,586 - $20,303
= $7,283
Since the total credit (income) is more than the total debit, the net of the two balances result in a net income.
The answer is a. $7, 283 net income.
Until the mid-1700s, the 13 colonies often had diverse histories and economies, which provided <span>little incentive for them to join together to meet shared goals.
Since these colonies were so different, they didn't have any common cause or a reason to band together so as to achieve such common goals.
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Answer:
$2.51 per unit
Explanation:
The computation of the cost per equivalent unit is shown below:
But before that the equivalent units is to be computed
Equivalent units = units completed + equivalents units in ending inventory
= 8,400 units + (13,200 units × 42%)
= 13,944 units
Now
Cost per equivalent unit = cost incurred ÷ equivalent units
= $34,980 ÷ 13,944 units
= $2.51 per unit
