Answer:
Consumers are basis for any economy to work out.It is the consumers for which the country works and makes sure to fulfil the demand of the market. New businesses come into existence because they create needs in the consumers and fulfil those needs. These businesses become a part of the economy and therefore give an input.
If there are no consumers, there will be o demands and the produces will have no needs or demands to fulfil which would lead to less production and therefore leading towards the fall of the economy.
Answer:
Depreciation expense $12,910
Book value $46,680
Explanation:
Kansas Enterprises
Formula for Depreciation expenses
Annual depreciation expense=(Cost-Residual value)/Useful Life
Where,
Cost = 72,500
Residual value =7,950
Useful life = 5 years
Let plug in the formula
=(72,500-7950)/5
=64,550/5
=$12,910/year
Therefore depreciation expense for 2021
=$12,910
Calulation for Book value
Book value = $72,500 – ($12,910× 2)
$72,500 -$25,820
=$46,680
Therefore the book value would be $46,680
Answer:
The Journal entries are as follows:
(i) On April 1,
Legal fees expenses A/c Dr.$2,000
To Legal fees payable $2,000
(To record the legal fees expenses)
(ii) On May 12,
Legal fees payable A/c Dr. $2,000
To Cash A/c $2,000
(To record the payment of legal fees)
Answer
A. Current assets and B. Current liabilities
Explanation:
Current assets includes cash, accounts receivable and inventories of raw materials and finished goods
Current liabilities are accounts payable
Answer:
<h2>In this case,an increase in the price of soybeans by 50% while price of corn remaining constant would cause a leftward or upward shift of his supply curve for corn.</h2>
Explanation:
- Price of any product or good usually has a positive or direct relationship with its market supply as the higher price of any product or good can attract higher prospective revenue for any seller or producer of the concerned product or good.
- Hence, as the product or good price goes up, its market supply by the sellers or producers will also consequently increase.
- Now,in this instance, as the price of the soybean increases by 50%,considering the price of corn to be unchanged, the seller or the farmer in this case will produce more soybean and increase soybean supply in the market attracted by the prospect of getting higher revenue from producing and selling soybeans.
- Therefore,if soybeans production becomes more profitable due to higher market price, the farmer will shift to soybean production from corn cultivation and his supply of corn will fall and soybean will increase.This would cause a leftward or upward shift of his supply curve of corn,considering the price of corn and all other relevant market conditions as unchanged or constant.
