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3 years ago

What is price elastic of supply

1 answer:

4 0

The price elasticity of supply is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.

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Bedrock Company reported a December 31 ending inventory balance of $412,000. The following additional information is also availa

lord [1]

Answer:

The correct balance for ending inventory is $390,000.

Explanation:

The first point discussing about the consigned goods requires no adjustment as the goods sent on consignment are reported as part of the consignor's inventory until they are sold and these goods are owned by the consignor In our case Bedrock Company is the consignor thus the amount $72000 of consigned goods which is included in Bedrock's inventory of 412000 is correct.

However, the amount of office supplies worth $22000 will be deducted from the ending inventory balance as this is not an inventory that Bedrock is keeping with the intention to resale. The office supplies are for business's own use thus this will be deducted from inventory amount.

The balance of ending inventory will be,

412000 - 22000 = $390,000

8 0

3 years ago

Read 2 more answers

Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $334,000; the partnership

babunello [35]

Answer:

Building= $334,000

Fontaine's capital account= $217,000

Explanation:

From the question above

Fountain company and Monroe company come together to form a partnership.

Fontaine invests a building that has a market value of $334,000

The partnership takes charge for a $117,000 note secured by a mortgage on the building

Monroe invests $92,000 on cash and equipments

The cash and equipments has a market value of $67,000

Therefore the amount recorded for the building is $334,000

The amount recorded for Fontaine's capital account is

= $334,000-$117,000

= $217,000

Hence for the partnership the amounts recorded for the building and fontaine's capital account is $334,000 and $217,000 respectively.

4 0

3 years ago

The inflation rate is measured by calculating the percentage change in the consumer price index. True or False

kkurt [141]

Answer:

true

Explanation:

the consumer price index measures the average prices of a basket of goods and services, it includes housing costs, food, medical care, transportation, educational expenses, etc.

The current price of the CPI basket can be used to measure inflation by comparing it to the price of last year's basket ,or if you go a little further, you can compare it to the base year's basket of goods.

5 0

3 years ago

At September 1, 2017, Five-O Inc. reported retained earnings of $136,000. During the month, Five-O generated revenues of $20,000

Ahat [919]

Answer:

correct answer is $142,000 credit

Explanation:

given data

retained earnings = $136,000 credit

revenues = $20,000

expenses = $12,000

purchased equipment = $5,000

paid dividends = $2,000

solution

we get here first net income that is

net income = revenues - expenses ...........1

net income = $20,000 - $12,000

net income = $8,000

now we get here balance in retained earnings that is

balance of retained earning = Retained Earnings + net income - dividends ..........2

balance of retained earning = $136,000 + $8,000 - $2,000

balance of retained earning = $142,000 credit

so correct answer is $142,000 credit

4 0

3 years ago

Calculate net worth using the following information. Assets Liabilities car - $3,500 car loan - $3,000 savings account - $1,000

raketka [301]

Ok, I'm going to tell you how to calculate it and the answer.
so what you do is add up your assets and then add up your liabilities.
then you subtract your liabilities from your assets in this case your assets add up to 4,700 and your liabilities add up to 3,500.
then you subtract 4,700 from 3,500 since your liability is a lower number.
And then your answer would be $1,200 dollars hope it helped :D

3 0

3 years ago

Read 2 more answers