Answer:
Loss of $1,080
Explanation:
The correct journal entries would be:
Dr Accumulated Depreciation 9,010
Dr Cash 2,010
Dr Loss on sale 1,080
Cr Truck (Asset) 12,100
Thus, the correct answer is a loss of $1,080
Answer: Relative scarcity could be described as that where the resources are limited in supply for a short while, due to manufacturing or supply challenges.
Absolute scarcity could he described as where supply is naturally limited. No possibility of the supply increasing.
Explanation:
Relative scarcity could be described as that where the resources are limited in supply for a short while, due to manufacturing or supply challenges.
Absolute scarcity could he described as where supply is naturally limited. No possibility of the supply increasing.
In relative scarcity, there is a probability of the supply to be made available later while in absolute, there is no possibility of it happening.
What is Loan Principal Balance
Principal is the initial sum of a loan in the context of borrowing; it can also refer to the balance still owed on a loan. The principal of a $50,000 mortgage, for instance, is $50,000. If you pay down $30,000, the remaining $20,000 is the primary balance. The principal of a loan determines how much interest you pay. The amount of your monthly loan installments is applied to the accrued interest first and only then to the principle when you make a payment. The only method to lower the amount of interest that accrues each month is to reduce the loan's principal.
Main content
$250,000
$1,458 x 12 months = 17,496
17,496 / 0.07 =$249,942
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Spending variance is 300 Unfavourable.
SR = 7500 / 500 = 15
AR = 9300 / 600 = 15.5
Spending variance = (SR - AR ) AH
= (15 - 15.5 ) 600
= 300 Unfavourable.
Spending variance, also known as rate variance, is the difference between the actual amount of an expense and the budgeted amount. If you have a utility bill of $250 in January and you expect to incur an expense of $150, you have an unfavorable expense variance of $100.
Spending variance is the difference between the actual amount of an expense and the expected (or budgeted) amount. So if a company has spent $500 on utilities in January and plans to spend $400, the result is a $100 unwanted spending difference.
There are many variations in calculating the spending variance for different types of expenses, but the basic formula for this calculation is:
1) Actual Cost - Expected Cost = Expense Variance.
2) (Actual Variable Burden Rate - Projected Variable Burden Rate) x Work Hours = Variable Burden Cost Variance.
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