Answer:
Date Accounts Title and Explanation Debit Credit
Dec 31 Insurance Expense $5,000
[($20000/12) x 3]
Prepaid Insurance $5,000
(To record insurance expense)
Dec 31 Interest Receivable $720
[($18000 x 8%)/12 x 6]
Interest Income $720
(To record accrual interest income)
Dec 31 Depreciation Expense $13,600
Accumulated Depreciation $13,600
-Equipment
(To record depreciation expense)
Answer:
The correct answer is option A.
Explanation:
The demand for cantaloupes is unitary elastic at price level $2.50. The demand curve here is linear and downward sloping. The elasticity of demand is 1.
In this linear demand curve the lower portion will represent inelastic demand.
When the price level is reduced to $2 the demand will move to the lower portion of the curve, with fall in price and increase in demand.
So, at $2 price the demand will be inelastic, which means it will be between 0 and 1.
Given:
Population, P = 268 million
Labor force, LF = 148 million
The labor force participation rate is
LFPR = LF/P = 148/268 = 0.552
Note:
P, the population includes the number of people who are eligible to join the labor force.
Answer: 0.552
Answer:
Estimated Warranty Liability December 31, 2020
Debit Credit
Beginning balance $0
Actual Warranty Expenditure $12,000 Estimated total cost of $48,000
Warranty $800,000*6%
Ending Balance $36,000
$48,000 $48,000
Estimated Warranty Liability December 31, 2020
Debit Credit
2021 Servicing Expense $35,000 Beginning balance $36,000
Ending Balance $61,000 Estimated total cost of $60,000
Warranty $1,000,000*6%
$96,000 $96,000
So, the company should report an estimated warranty liability of $61,000 at Dec 31, 2021