Answer: Commodity
Explanation: I believe this is the answer because Commodity money actually presents value because it can be valuable in different ways such as gold and silver.
Answer:
B. Taking a friend to lunch in return of a favor
Explanation:
Barter System is direct commodity/ service to commodity/service exchange , without using money as an intermediary exchange medium . It is also called C to C exchange .
Eg : Two farmers exchanging their wheat & rice , A teacher teaching grocers' child in exchange of groceries from him .
So : A. Simple Investment , C. Money Purchase , D. Money Denomination exchange - neither are examples of Barter System .
B . Paying off a friend's favour in exchange of a service (being service-service exchange) is a relatable example.
Answer:
The correct answer to the following question is option B) decrease.
Explanation:
Regressive tax is that of tax which is imposed in such manner that when the income level in the economy increases , the average tax rate would decrease. This type of tax has heavy burden on the low income people as it takes high proportion of their income. So it can be said here that there is an inverse relationship between tax payer's ability to pay ( which can be measured in income , assets or consumption) and the tax rates imposed.
Answer:
The solution to the following problem is done below.
Explanation:
a) Journalize the entries to record the admission of adam to the partnership.
Account Title Dr Cr
Kala, Capital 20,000
Adam, Capital 20,000
Cash 10,000
Kala, Capital 8,000
Leah, Capital 6,000
Adam, Capital 24,000
b) Immediately after adam's admission to the partnership, leah sells one-fourth of her interest to denton for $35,000. journalize the entry to record the transaction.
Account Title Dr Cr
Leah, Capital 13,500
Denton, Capital 13,500
<em>Answer</em>:
<u>$52,000</u>
Explanation:
Remember, the FIFO inventory costing method records the inventory value based on the cost of the earliest (first) purchased or in hand balance.
The effective tax rate would usually be applied after the sales, however using FIFO we assume the first value of the inventory prior to the tax deduction.
= 4000 x $13
= $52,000
Therefore, the gross profit for the period is $52,000.
