1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kupik [55]
3 years ago
13

How would your life be different if the us economu was not based on the economic principles expressed in the bill of rights, the

Declaration of Independence, and the constitution
Business
1 answer:
olga_2 [115]3 years ago
4 0

The economy of the United States is in many ways influenced by the principles that are found in the Bill of Rights, the Declaration of Independence and the Constitution. If this was not the case, many aspects of daily life would be different.

For example, the economy of the country rests on the idea that all people are equal. Because of this, all people are allowed to participate in the economy, establishing businesses and buying and selling things. This is an idea that is found in the Declaration of Independence. Another idea found in this document is that people have the right to the pursuit of happiness. Because of this, people are allowed to chase their dreams and to try to obtain money to fund these. Finally, the Constitution establishes that government has limits, and because of this, it cannot interfere in the economy or in markets in any way it wants. All of these characteristics ensure that the economy functions in a way that allows you and others to benefit from it and use it to build your future.

You might be interested in
On January 1, 2021, Weaver Corporation purchased a patent for $210,000. The remaining legal life is 20 years, but the company es
Ne4ueva [31]

Answer:

Requirement 1. Journal for purchasing Patent:

Jan 01, 2021    Patent Rights (Debit)                    210,000

                                  Cash/Bank (Credit)                            210,000

Requirement 2. Journal for amortization expense for the year ended 31 Dec, 2021:

Dec 31, 2021    Amortization expense - Patent    35,000

                                   Accumulated amortization                 35,000

Requirement 3. Journal for amortization expense for the year ended 31 Dec, 2022:

Dec 31, 2022    Amortization expense - Patent    35,000

                                   Accumulated amortization                 35,000

Requirement 4. Journal for incurring legal fees

Jan 31, 2023     Legal fees                                      30,000

                                    Cash/Bank                                          30,000

Requirement 5. Journal for amortization expense for the year ended 31 Dec, 2023:

Dec 31, 2023    Amortization expense - Patent    35,000

                                   Accumulated amortization                 35,000

Explanation:

Requirement 1.

Since Weaver corporation purchases a patent, it costs the company cash or bank balance. As the patent is a non-current intangible asset, it is a debit. On the other hand, as cash decreases due to the purchase of patent, the cash is a credit. In this journal, an asset (Non-current asset) increases, and another asset (Current asset) decreases. There will be no effect on the total asset.

Requirement 2, 3 and 5. All the calculations will be the same as it is a straight-line method of amortization. Straight-line depreciation (amortization) is a method of expense on an asset over a long period. The expense is the same over the period as the expense is calculated as the total cost divided by the useful number of years. Again, as the patent is an intangible asset; therefore, the asset has to be amortized instead of depreciated.

The amortization expense of patent is = $210,000/6 = $35,000

Since, the company estimates the patent's useful life will be 6 years. Therefore, the amortization expense will be $35,000 for each year.

Requirement 4: Since legal fees is an expense, the company pays for this due to the occurrence of legal issues. The expense decreases the cash; therefore, it is a credit. On the contrary, the legal fees are a debit as it decreases net income. The legal fees, however, does not affect the amortization expense as it is not adding to the cost of the patent.

7 0
2 years ago
May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was $11,000.
zubka84 [21]

Answer:

Date       General Ledger                                        Debit        Credit

May 24   Accounts Receivable-Old Town Café   $18,450

                      Sales                                                                   $18,450

              Cost of goods sold                                 $11,000

                       Inventory                                                            $11,000

Sept. 30  Cash                                                         $6,000

                      Allowance for Doubtful Accounts                      $12,450

                      Accounts Receivable-Old Town Cafe               $18,450

Dec. 7    Accounts Receivable-Old Town Cafe      $12,450

                      Allowance for Doubtful Accounts                     $12,450

              Cash                                                             $12,450

                       Accounts Receivable-Old Town Cafe               $12,450

7 0
2 years ago
At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $302,000 and in Allowance for Uncollectible A
Lunna [17]

Answer:

$870

Explanation:

When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.  

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Allowance for uncollectible accounts at 5%

= 5% * $302,000

= $1,510

Since the Allowance for Uncollectible Accounts was $640 (credit) before any adjustments, the bad debt expense for the year

= $1,510 - $640

= $870

8 0
3 years ago
XYZ Co. is using a predetermined overhead rate that was based on estimated total fixed manufacturing overhead of $121,000 and 10
stira [4]

Answer:

the predetermined overhead rate is $12.10

Explanation:

The computation of the predetermined overhead rate is shown below:

The Predetermined overhead rate is

= (Estimated total fixed manufacturing overhead ÷ Estimated direct labor hours)

= ($121,000 ÷ 10,000)

= $12.10

hence, the predetermined overhead rate is $12.10

6 0
3 years ago
A special tax was levied by Downtown City to retire and pay interest on general obligation bonds that were issued to finance the
jonny [76]

Answer:

C. Debt Service Fund.

Explanation:

Dept service funds can be described as monies or reserves which are been used to pay for capitals, interest and certain dept that have accrued by the company and it can cover for any other form of dept owed by the company.

It's existence is put in place to reduce the risk of a debt security for future investors. This can be paid out monthly mid-monthly, quarterly or possibly yearly.

This why the tax on general obligation bonds that has been put upon Downtown city to finance the hall has it receipts in place at the dept service fund office.

5 0
3 years ago
Other questions:
  • On june 8, alton co. issued an $90,000, 6%, 120-day note payable to seller co. assuming a 360-day year for your calculations, wh
    10·1 answer
  • A best-seller novel sells for $28 in hardback edition and $12 in a paperback edition. a book store's sales of both editions tota
    12·1 answer
  • Creating an means copying files from a computers hard drive and storing them in a remote location
    5·1 answer
  • When do the OSD comptroller analyst and Office of Management and Budget analyst hold hearings to review the service's budget?
    9·1 answer
  • Using PPS sampling, determine the sample size that you want to use for sending accounts receivable confirmations. Draw on the in
    6·1 answer
  • Which of the following tests can be used to detect register disbursement schemes?
    5·1 answer
  • Name seven hazards that are found in the welding shop
    11·1 answer
  • Novak Corp. has 44,000 shares of $11 par value common stock outstanding. It declares a 11% stock dividend on December 1 when the
    11·1 answer
  • The roi of a campaign, the value of a prospect, and the response rates in direct marketing are all examples of ____.
    13·1 answer
  • In the early days of selling, companies studied and wrote down the sales pitches of their most successful people, and created ca
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!