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3 years ago

How free maket economy operates

Business

1 answer:

Leokris [45]3 years ago

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In a free market economy, the law of supply and demand, rather than a central government, regulates production and labor. Companies sell goods and services at the highest price consumers are willing to pay while workers earn the highest wages companies are willing to pay for their services.

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Meeting the spending targets in this budget meant some very difficult choices. —president barack obama, 2012 budget message of t

Ostrovityanka [42]

The meaning of making "difficult choices" when creating a federal budget is: D. deciding what will be funded and what will be cut.

<h3>What is a federal budget?</h3>

A federal budget refers to a financial plan that is typically used by the government for the estimation of the revenue (taxation) and expenditures (spending) of a country over a specified period of time, which is often one year.

This ultimately implies that, making "difficult choices" when creating a federal budget simply means to decide what will be funded by the government and what will be cut from the budget.

Read more on budget here: brainly.com/question/13964173

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5 0

2 years ago

An audit of historical financial statements most commonly includes the Group of answer choices income statement, the statement o

Advocard [28]

Answer:

balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP). Examples of financial statements includes Balance sheet, cash-flow and income statement.

Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.

An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.

Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.

6 0

3 years ago

A)The playing life of a Sunshine radio is normally distributed with mean  = 600 hours

Jlenok [28]

What is your favorite food that come from your culture mine are probably Tomales

7 0

3 years ago

The following information relates to Sheridan Company for the year 2022.

aliina [53]

Answer:

a. Computation of net income

Particulars Amount

Service revenue $52,500

Less: Expenses

Salaries and wages expenses ($23,520)

Utilities expense ($2,600)

Rent expense ($8,740)

Advertising expense ($1,510)

Net Income $16,130

b. Computation of comprehensive income statement

Particulars Amount

Net Income $16,130

Add: Other Comprehensive Income $380

Comprehensive Income $16,470

Note: Dividend will not be included as it forms part of Income statement

5 0

3 years ago

Jing Company was started on January 1, Year 1 when it issued common stock for $28,000 cash. Also, on January 1, Year 1 the compa

denpristay [2]

Answer:

5,280 net income for the Year 3

Explanation:

This would be the situation:

17,400 revenue

11,000 expenses

gain/loss on sale of equipment

= net income year 3

To know the result of the sale of equipment we have to do

sales price - book value = gain/loss on sale of equipment

8900 - book value = gain/loss

We have to determinate the book value.

book value = adquisition cost - acumulated depreciation

The equipment cost 15,200 + 1,300 transportation cost = 16,500 Adquisition Cost

acumulated depreciation = depreciation per year * 3 years

and depreciation per year is:

$\ $ depreciation per year $= \frac{Adquisition Value - Salvage Value }{Useful Life}$

Here we have all the values, so we stop digging and start solving.

depreciation = (16,500-5,700)/5 = 2,160

acumulated depreciation = 2,160 * 3 = 6,480

book value = 16,500 - 6,480 = 10,020

gain/loss = 8,900 - 10,020 = -1,120 LOSS on sale of Equipment

net income = 17,400 - 11,000 - 1,120 = 5,280 net income for the Year 3

6 0

3 years ago