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3 years ago

How is one product determined to specialize in between the two

Business

1 answer:

Paraphin [41]3 years ago

8 0

Answer:

Specialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. Many countries, for example, specialize in producing the goods and services that are native to their part of the world, and they trade them for other goods and services.

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The following transactions occurred during 2021 for the Beehive Honey Corporation:

defon

Answer:

Given Below

Explanation:

Beehive Honey Corporation:

General Journal

Journal Entries

Date Particulars Debit Credit

Feb.1. Cash $ 24,000 Dr.

Notes Payable $ 24,000 Cr.

Feb. 1 Borrowed $24,000 from a bank and signed a note. Principal and interest at 8% will be paid on January 31, 2022.

Apr. 1 Prepaid Insurance 6,000 Dr.

Cash $ 6000 Cr

Apr. 1 Paid $6,000 to an insurance company for a two-year fire insurance policy.

July 17 Supplies Account $ 4000 Dr.

Accounts Payable $ 4000 Cr.

July 17 Purchased supplies costing $4,000 on account. The company records supplies purchased in an asset account.

Nov. 1 Notes Receivable $ 9,600 Dr.

Cash $ 9,600 Cr.

Nov. 1 A customer borrowed $9,600 and signed a note requiring the customer to pay principal and 6% interest on April 30, 2022.

Beehive Honey Corporation:

General Journal

Adjusting Entries December 31st

Sr. No Particulars Debit Credit

1. Interest Expense $ 1600 Dr.

Interest Payable $ 1600 Cr.

Interest accrued from Feb to December. ( $ 24000* 8% * 10/12 = $ 1600)

2. Insurance Expense $ 2250 Dr.

Prepaid Insurance 2250 Cr.

Insurance of $ 2250 expired during April to December. ( $ 3000 *9/12* = $ 2250)

3. Supplies Expense $ 2150 Dr.

Supplies Account $ 2150 Cr.

( $ 4000 - $ 1850= $ 2150)

At the year-end on December 31, 2021, supplies costing $1,850 remained on hand.

4. Interest Receivable $ 192 Dr.

Interest Income $ 192 Cr.

$9,600 * 6% * 2/6= $ 192 Accrued Interest not yet received.

8 0

3 years ago

In this example of a Keynesian tax increase, the left-shift in Aggregate Demand resulting from the tax increase causes the price

saw5 [17]

Answer: With the left shift in Aggregate demand resulting from the tax increase causes the price level to slide back to equilibrium level.

Explanation:

When there is an increase in the level of the taxes by the government, the price of the particular good increases because of the taxes. This leads to the fall in the level of the aggregate demand of that good and there is a left shift in the aggregate demand curve.

But this will lead to the falling back of the price level to the equilibrium level because even though the demand falls but the supply level does not change. So there is an excess of supply level in the economy. This leads to the fall in the level of the price back to the equilibrium level and leaving the economy back to the normal situation.

7 0

3 years ago

Hurly Co. has fixed costs totaling $165,000. Its unit contribution margin is $1.50, and the selling price is $5.50 per unit. Com

klasskru [66]

Answer:

Break-even point= 110,000 units

Explanation:

Giving the following information:

Hurly Co. has fixed costs totaling $165,000. Its unit contribution margin is $1.50.

The break-even point in units is the number of units required to cover for the fixed and variable costs.

To calculate the break-even point in units, we need to use the following formula:

Break-even point= fixed costs/ contribution margin

Break-even point= 165,000/1.5= 110,000 units

8 0

3 years ago

Read 2 more answers

Suppose the frozen pizza market is in equilibrium. A recession causes local household incomes to decline. Assuming that frozen p

aliina [53]

Answer:

increase

Explanation:

Inferior goods are goods whose demand falls when income rises and increases when income falls.

If frozen pizza is an inferior good, a decrease in income will increase the demand for frozen pizza. this would lead to an increase in price and quantity

5 0

3 years ago

Although many factors affect the value of real property, what is the primary driver in determining the value of real property?

garri49 [273]

Answer:

Supply and Demand

Explanation:

Although there are many factors which are given below:

1. Location of the real property

2. Supply and demand

3. The rate of interest

4. Population size

5. Market trends of property, etc

But the primary driver is supply and demand because if the demand of the property rise than the supply, the price of real property is rising whereas if the supply of the property is rise than the demand, the price of real property is declining

5 0

3 years ago