The two important factors individuals, businesses, and governments must consider when making economic decisions are external resources and internal choices.
<h3>What are economic decisions?</h3>
Economic decisions are value-driven decisions in a world of limited resources or scarcity and unlimited wants.
To make effective economic decisions, choices must favor the decision-maker. Making choices involves taking into account many variables to help to reach effective conclusions.
Economic decisions for limited resources focus on:
- Production
- Distribution
- Exchange
- Consumption
- Savings
- Investments.
For example, an individual seeks employment to earn money to satisfy their needs.
Thus, the two important factors when making economic decisions are external resources and internal choices.
Learn more about making economic decisions at brainly.com/question/5136048
Answer:
$6,726
Explanation:
If Crawford Company has total proceeds (before segregation of sales taxes) from sales of $7,155. If the sales tax is 6%, the amount to be credited to the account Sales Revenue is:
Sales Proceeds - 7,155
less: Sales Tax - <u>429</u>
Sales Revenue - <u>6,726</u>
<u>Sales tax is included in revenue but not included in net sales. Sales revenue does not include sales tax collected by the business.</u>
Answer:
net cash provided is $5,635
Explanation:
Amount ($)
Net Income 4,750
Depreciation 885
Change in inventory (200)
Change in accounts payable <u> 200 </u>
Net cash flows from Operation<u> 5,635</u>
The depreciation is a none cash item that was initially deducted to get the net income, hence it is added back in the cash flows statement.
An increase in inventory represents an outflow of cash hence the negative value. The increase in trade payable is an increase in a liability representing an inflow of cash hence it is positive.
Answer:
d) 110; 180
Explanation:
Price ceilings is put in place to ensure a price does not rise above a particular level.
When a price ceiling is below the equilibrium price, the quantity demanded for will e greater than quantity supplied, and excess demand will arise.
original equilibrium of $12
180 units would be exchanged in a free market (when equilibrium price is $12), and 110 units would be exchanged with the price ceiling in effect.
Answer:
$18,000
Explanation:
Given data for Taylor Company;
Salaries payable at the beginning of 2015 (end of 2014) = $18,000
Salary expense during the year (2015) = $50,000
Salaries paid during the year = $50,000
Salary payable at end of year (2015) = ?
Let the salary payable at end of year= S
Using the formula
Salaries payable at the beginning of the year + Salary expense during the year - Salaries paid = Salary payable at end of year
$18,000 + $50,000 - $50,000 =S
S = $18,000
Salaries payable as at December 31, 2015 is $18,000.
