Answer:
D. Net income of $150,000
Explanation:
$705,000 + X - $30,000 = $825,000
X = $150,000
Answer:
1. Accounts receivable
2. Notes receivable
3. Other receivable
Explanation:
Sold merchandise on account for $64,000 to a customer - Accounts receivable. Since the merchandise is sold on credit to a customer, the same is recorded in the current assets of the balance sheet as accounts receivable.
Received a promissory note of $57,000 for services performed - Notes receivable. Since the promissory note is received for service performed which we term as a note receivable. This also come under the current assets of the balance sheet
Advanced $10,000 to an employee - Other receivables - As an advance is given to an employee neither is an account receivable nor it notes receivable. So, it is term as an other receivable
Based on the given scenario above regarding Wang's Techno toys which was successfully run by Ann Wang, the method of import or export financing that the Techno Toys' bank used if it functions as an intermediary without considering any financial risk is called the DOCUMENTARY COLLECTION.
Answer:
Tariff
Explanation:
A Tariff is otherwise known as an import duties, it is the taxes imposed on goods that come from other countries into a particular country. Tariff is imposed for so many reasons one of which is to protect local industries of the country i.e enabling local industries in the country to have profitability in their business and eliminating competitions from foreign organisation.
By imposing tariff, the rate of goods imported into a country will be reduced and this will encourage local production of goods and discourage importation.
Answer: Having lower opportunity costs.
Explanation: Opportunity cost can be defined as the cost of next best alternative foregone. In this case, James is saving his money by taking work of a professional from a new recruit also he gets the opportunity to procure high quality materials which he was earlier not able to. Thus, he is saving a major portion of income because of a less costly alternative available.
