What’s the difference between a market economy and a command economy

1 answer:

3 0

The activity in a market economy is unplanned and determined by the supply and demand of goods and services. The main example of a market economy is capitalism. Whereas, a command economy is organised by a centralised government which owns most, of not all, businesses. The main example of a command economy is communism.

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Jones Company bought Wood Company in 2020 and appropriately recorded $750,000 of goodwill related to the purchase. On December 3

Alex

Answer: $0

Explanation:

Wood company's value is carried in Jones company books as $5,100,000 which is less than the fair value of $6,000,000. There is therefore no goodwill because the fair value is larger than the carrying value and goodwill only exists if the reverse is the case.

If there is no goodwill, there can be no goodwill impairment so goodwill impairment recognized in 2021 is $0.

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3 years ago

Jenks Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value (L

Neko [114]

Answer:

$365,000

Explanation:

The computation of the inventory reported on the balance sheet is shown below:

<u>Product Cost NRV Lower cost</u>

A $115,000 $125,000 $115,000

B $95,000 $75,000 $75,000

C $175,000 $180,000 $175,000

Total $365,000

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3 years ago

When recording the payment of interest using the effective-interest method, the entry will include a ______ to Discount on bonds

goldfiish [28.3K]

Answer:Debit , market, stated.

Explanation: An actual payment of interest from a payables account is always entered as a debit in that account ledger. Then when calculating the effective interest : it is the the difference between the cash payment based on the market interest rate and interest expense based on the stated interest rate.

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3 years ago

Which of the following illustrates a tradeoff? A. Randy enjoys ski vacations. B. I will study for my exam instead of going to t

aliya0001 [1]

A tradeoff is a balance achieved between two desirable but incompatible feature. So the reasonable answer would be B

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3 years ago

Assume that a consumer has a given budget or income of $12 and that she can buy only two goods, apples or bananas. The price of

Natasha_Volkova [10]

Answer:

Explanation:

The maximum amount she can spend is $12. If she buys 4 apples, it would cost her : 4 x $1.50 = $6. She would have $12 - $6 = $6 to spend on bananas.

If the price of bananas are $0.75, she can buy a total of $6 / $0.75 = 8 bananas

I hope my answer helps you

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3 years ago