Answer:
Temporary – revenues, expenses, dividends (or withdrawals) account. These account balances do not roll over into the next period after closing. The closing process reduces revenue, expense, and dividends account balances (temporary accounts) to zero so they are ready to receive data for the next accounting period.
Explanation:
Answer: $170,000
Explanation:
According to the historical cost concept, the original cost value of a asset (i.e. land) should be recorded in the books. The original cost refers to the cost of a asset at the time of purchasing. As per the principle of historical cost, assets are always recorded as a original cost or historical cost or acquisition cost.
But when a person sold the asset then he will consider the fair market value.
There are many different types of advantages for different people. If you own your own small business then you can choose what hours you have to work, and what hours your employees have to work. The downside to that are numerous things, you are accountable for what your employees do and you have to figure out what to do about it. I don't know if this was what you were looking for but there's my answer.
Answer: See explanation
Explanation:
Merchandise inventory are goods which a wholesaler or distributor has gotten from the suppliers in order to sell to third parties.
On May 9, merchandise inventory was calculated as:
= 960 ÷ 13000 × 7800
= 576
Check the attached file for further explanation
Answer:
The free rider problem
Explanation:
The free rider problem is a form of market failure in economics. It means that there's an insufficient form of commodity distribution in which some individuals are allowed to consume more than their fair share of the shared resources or pay less or not at all than the fair share of cost. In this case, tomatoes are overgrown and the common plot is over used, thus making individually owned plot perform better than the common plot. The whole free rider scenario occurs when those who benefits from communal services and goods do not pay for them or underpay for them and over use them.
