Answer:
The amount of discount that will be taken is $300.4
Explanation:
The amount of discount that will be taken will be on the value of accounts payable that is eligible for pay after adjustments.
The accounts receivable balance after adjusting for purchases returns and defective goods is:
Accounts receivables eligible for payment = 18000 - 2800 - 180 = $15020
The accounts payable amount that is eligible for discount is:
Discount received = 15020 * 0.02 = $300.4
Answer:
B) Businesses can actually do very little in terms of social responsibility.
Explanation:
Milton Friedman is most famous for the defense of the Chicago School economics which is a neoclassical approach to macroeconomics. He favored free trade, smaller government and a slow but constant growth of the money supply. I personally disagree with neoclassical economists because they have the tendency to mess things up and time proves they are always wrong (that is a biased but positive statement). He was the father of monetarism, but if you look at his last two disciples, George Bush and George W. Bush, the outcome was not positive ⇒ 3 deep recessions in 3 presidential terms.
As a neoclassical economist, Friedman believed and argued in favor of the trickle down in economics. That means that if you allow the rich to get overwhelmingly rich, their riches will spill over to the rest of society. Not because they are good people that like to share their wealth, but because they need workers and employees to keep consuming goods and services in order to get the economy moving. Eventually the spilled over wealth should return to the top. So it is no wonder why he opposed corporate social responsibility, since wasting time and money in the community, employees or the environment was simply a waste of resources that could be used to increase stockholders' wealth.
I understand how theoretically this might work, but it takes the human factor out of the equation and expectations are extremely important in economics, that is why they always fail.
Answer:
Explanation:
The correct journal entry is shown below:
Equipment A/c Dr 700,000
To Accumulated depreciation A/c $420,000
To Retained earnings A/c $280,000
(Being the error is recorded and the remaining balance is credited to the retained earning account)
The depreciation expense would be
= (Original cost - residual value) ÷ (useful life)
= ($700,000 - $0) ÷ (5 years)
= ($700,000) ÷ (5 years)
= $140,000
For three years, the depreciation would be
= $140,000 × 3 years
= $420,000
Answer:
Customs Duty is a tariff or tax imposed on goods when transported across international borders. The purpose of Customs Duty is to protect each country's economy, residents, jobs, environment, etc., by controlling the flow of goods, especially restrictive and prohibited goods, into and out of the country.
