The economy is about "the production, distribution, and consumption of goods and services" also along with money.
The key components of the economy are:
- Production.
- Distribution
- Consumption.
These three elements drive the flow of money within an economy. Let's see:
- The goods are produced as per the needs and demands of the people where people work to earn wages, salaries, profit, etc.
- This stage is followed by <u>the distribution of these goods across different regions</u> and areas.
- Lastly, these goods are purchased by their final users for consumption and their income earned from firms return to them again(circular flow of income).
Therefore, <u>option B</u> states a true claim about the elements of an economy.
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The contract is enforceable by either party. First, all parties are in agreement. As what the sentence suggests, Far East Restaurant may have first asked Ed's services and offered perhaps, income or whatever in exchange of those services, which Ed agreed in return. Second, they both receive benefits. Ed receives revenues while Far East receives labor. Lastly, on the technicalities, most contracts can be either written or oral and still be legally enforceable.
Answer:
The total amount of cash to report in the balance sheet is $14,325
Explanation:
The amount of cash to report in the balance sheet is computed below
Items Amount
Currency located at the company $675
Short-term investments that $1,575
mature within three months
Balance in savings account $7,000
Checks received from customers $275
but not yet deposited
Coins located at the company $100
Balance in checking account <u>$4,700</u>
Total Cash <u>$14,325</u>
A W-2 form <span>shows how much a person earned, and how much was withheld in taxes.</span>
The amount that matteson will report as its investment in o’toole under the equity method is: $1,210,000.
<h3>Investment under equity method</h3>
First step
Net Income $104,000
($260,000× 40%)
Amortization of excess ($34,000)
[ ($1,160,000 - $820,000)/10 years]
Equity in Income $70,000
Second step
Investment $1,160,000
Equity income $70,000
Dividend ($20,000)
($50,000× 40%)
Investment in O'Toole $1,210,000
Therefore the amount that matteson will report as its investment in o’toole under the equity method is: $1,210,000.
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