Answer: $170,421
Explanation:
Using the Accounting equation;
Assets = Liabilities + Equity
Assets = Cash + Inventory + Goodwill and other assets + Net plant and equipment + Accounts receivable + Other current assets
= 23,015 + 212,300 + 78,656 + 713,500 + 141,258 + 11,223
= $1,179,952
Equity
= Common stock + Retained earnings
= 313,000 + 512,159
= $825,159
Liabilities = Assets - Equity
Current Liabilities + Long term debt = Assets - Equity
Long term debt = Assets - Equity - Current Liabilities
= 1,179,952 - 825,159 - (163,257 + 21,115)
= $170,421
Another way to achieve the same goals as minimum wage and wage control ( without keeping markets from reaching equilibrium levels) is to increase YOUR PERSONAL INCOME directly.
It's actually a very simple way of thinking. If your salary currently could not afford a certain lifestyle, in order to afford it you could either : Cut back your other expense and re-allocate or simply by getting more money
Answer:
Commoditization of a market means that the goods or services offered will be homogeneous. This means that they will be practically identical and customers will be indifferent when choosing one product or any other product because they are identical or very similar. E.g. think about gold, which is one of the most important commodities in the world. A consumer doesn't care if they are buying gold from Alaska, Canada, Brazil, etc., they are simply buying gold.
On the other hand, differentiation means that the products or services offered are heterogeneous or different. When products are differentiated, customers will buy them because they like them more than the competition. E.g. you buy Coke because you like it more than Pepsi or any other brand.
Some products will naturally tend to be commodities, e.g. agricultural products, but others go through a commoditization process that is not natural. E.g. banks offering homogeneous checking or savings account. The problem with commoditization happens when one company simply decides to offer something different. Before Amazon, internet retail was basically non-existent. But when Amazon came by, they decimated or virtually eliminated the major brick and mortar players. During many years Sears was the number 1 retailer in the world, then came Walmart. But after Amazon came, even Walmart's long term survival is doubtful and Sears, JC Penny, Toys R Us, Radio Shack, and many others are either extinct or about to become extinct. The new norm is online retailing now.
Answer:
The August 31 trial balance is a debit and credit amount of $16,986
Explanation:
The journal entries for the following transactions is as follows;
General Journal Debit Credit
1. Cash $6,500
Photography equipment $33,500
Common stock $40,000
2. Prepaid insurance $2,100
Cash $2,100
3. Office supplies $880
Cash $880
4. Cash $3,331
Photography fees $3,331
5. Utilities expense $675
Cash $675
August 31 trial balance $16,986 $16,986
The August 31 trial balance is a debit and credit amount of $16,986
Answer and Explanation:
The adjusting entries are shown below:
1. Accounts Receivable $13,680
To Fees Earned $13,680
(Being Accrued fees earned is recorded)
2. Supplies Expense $3,210 ($4500 - $1290)
To Supplies $3,210
(Being Supplies used is recorded)
3. Wages Expense $1,720
To Wages Payable ($1,720
(Being Accrued wages is recorded)
4. Unearned Rent $4,470 ($13,410 ÷ 3 month)
To Rent Revenue $4,470
(Being rent earned is recorded)
5. Depreciation Expense $2,280
To Accumulated Depreciation- Equipment $2,280
(Being Depreciation expense is recorded)
