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devlian [24]
2 years ago
6

Giorgio Italian Market bought $11,000 worth of merchandise from Food Suppliers and signed a 45-day, 8% promissory note for the $

11,000. Food Supplier's journal entry to record the sales transaction is:
Business
1 answer:
Masja [62]2 years ago
5 0

Answer:

                                                Dr.          Cr.

Purchases / Inventory         $11,000

Promissory Note Payable                  $11,000

Explanation:

Promissory note is a signed document which contains a written promise for payment of stated amount to specific person or bond holder on demand or specified date.

In this case the purchases are made and a promissory note of $11,000 is signed for 45 days at 8% annual rate.

This entry will be recorded as the purchases or Inventory are debited and as promissory note is a short term liability so, promissory note payable is credited resulting increase in inventory as well increase in current liability.

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A physician unfairly bills a patient. What tort violation is this?
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The physician would be doing Malpractice.

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In a simple economy​ (assume there are no​ taxes, thus Y is disposable​ income), the consumption function is Upper C equals 1000
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Answer:

Autonomous consumption is <u>$1,000</u> and the marginal propensity to consume is <u>0.9</u>.

A consumer whose income increases by​ $100 will increase consumption by <u>​$90</u>.

Explanation:

Given C = 1000 + 0.9Y

Autonomous consumption refers to consumption expenditure of consumers that does not depend on income. Therefore, autonomous consumption is therefore the consumption expenditure made by the consumers when they do not have income or when income is zero (i.e. when Y = 0).

Substituting for Y = 0 into the consumption function, we can obtain autonomous consumption is follows:

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The marginal propensity to consume refers to the proportion of the increase in disposable income that is spent on the consumption of goods and services by a consumer. From the consumption function, the marginal propensity to consume is 0.9.

Since marginal propensity to consume is 0.9, a consumer whose income increases by​ $100 will therefore increase consumption by $90 (i.e. $100 * 0.9 = $90).

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Which of the following statements is true? a. The word theory means same for both economists and laymen. b. Abstraction forms an
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Answer:

B) Abstraction forms an important part of economic analysis.

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Economic abstraction refers to ignoring certain factors while doing economic analysis. Some minor or even important economic details must be assumed when trying to analyze certain situations. That is why economists love to use ceteris paribus (everything else constant). Macroeconomic theory is impossible to prove in a scientific way, only certain microeconomic theories can be tested scientifically. In order to perform macroeconomic analysis, economists must simplify the real world, since economy is too complex and has too many factors that can alter any possible analysis. It is impossible to analyze a nation's economy as a whole since millions of people and businesses make billions of economic decisions very day.

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The analysis of the behavior of individual decision-making units is the definition of
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