Answer:
Store of wealth
Explanation:
Store of wealth means that money retains it value and purchasing power over time. Thus, it can be stored or kept away and used sometime in the future without money losing its value.
Other functions of money are :
1. Medium of exchange: money can be used to exchange for goods and services in transactions.
2. Unit of account: money can be used to determine the value of goods and services being exchanged.
I hope my answer helps you
If you set the selling price of each unit at $16, the expected profit per customer is: $6.
<h3>Expected profit</h3>
Using this formula
Expected profit=Lowest amount willing to pay-Marginal cost
Where:
Lowest amount willing to pay=$10
Marginal cost=$4
Let plug in the formula
Expected profit=$10 - $4
Expected profit= $6
Therefore if you set the selling price of each unit at $16, the expected profit per customer is: $6.
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Answer:
Accounting costs $145,000
Implicit costs $75,000
Opportunity costs $220,000
Explanation:
What her accounting cost will be during the first year of operation.
Based on the information given we were told that the annual overhead costs and operating expenses amounted to the amount of $145,000 which means that the amount of $145,000 will be the ACCOUNTING COSTS
Her IMPLICIT COSTS will be the amount of $75,000 which is the amount she earn in her current job per year.
Her OPPORTUNITY COSTS be the addition of both her Her accounting cost and implicit costs
Hence,
Opportunity cost=$145,000+$75,000
Opportunity cost=$220,000
Answer:
Limited liability for shareholders
Explanation:
Limited liability implies that owners or shareholders are legally responsible for the company's debts only to the extent of the amount of capital the shareholders invested.
Answer:
The Journal entries are as follows:
(a) On February 1,
Allowance for doubtful accounts Dr. $8,800
To Account receivable-Oakley Co $1,900
To Account receivable-Brookes Co $6,900
(To record write off)
(b) On June 5,
(i)
Account receivable-Oakley Co. Dr. $1,900
To Allowance for doubtful accounts $1,900
(To record amount reinstated)
(ii)
Cash A/c Dr. $1,900
To Account receivable-Oakley CO $1,900
(To record cash received)
