Answer:
Accounting profit - Your actual profit
Economic profit - Profit, but opportunity cost factored out
Explanation:
Accounting profit is how much you made (Revenue - Explicit Cost.
Economic profit includes implicit costs, or opportunity cost. If you could have made $100,000 at a different job, you subtract that. If Accounting-Economic profit is 0 or higher, you should stay in business.
Answer:
The correct answer is letter "E": distributive fairness.
Explanation:
Distributive fairness is what is fair and correct regarding benefits assignation to a certain group. The principles of distributive fairness are ruling principles designed to guide the benefits of assignation and load of economic activity. English philosopher Thomas Hobbes <em>(1588-1679)</em> used to relate the principle of distributive fairness with the right of each individual to ensure self-preservation, something that included food, water, clothing, and somewhere to live.
Answer:
-$1,500 more expensive
Explanation:
Calculation for How much cheaper or more expensive would it be to use the stainless-steel pump rather than a new brass pump
Using this formula
Cheaper or more expensive=Brass pump value-( Current pump value+Pump reconfigure extra amount spent)
Let plug in the formula
Cheaper or more expensive =$6,000-($7,000+$500)
Cheaper or more expensive =$6,000-$7,500
Cheaper or more expensive =-$1,500 more expensive
Therefore based on the information given the stainless steel pump will be $ 1500 more expensive than the brass pump.
Answer:
Accounting treatment (debit credit rules) of given entries
Explanation:
- Purchased office furniture on account Account
Furniture ie Asset increase - Debit , Creditor (Furniture Supplier) ie Liability increase - Credit
- Provided services on account
Debtor ie Asset increase - Debit , Sale ie Income increase - Credit
Prepaid Expense (Rent) ie Asset Increase - Debit. Rent paid now implies later rent ie (Expense) decrease - Credit
