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3 years ago

Most resources are nonrenewable, and wants and needs are limited. This is an example of?

Business

1 answer:

dimulka [17.4K]3 years ago

3 0

Answer:

scarcity.

Explanation:

Scarcity can be defined as an economical problem that gives the relationship between non-renewable (limited) resources and the limitless wants and needs of consumers.

Basically, it's very important that producers of goods and services make decisions that would help them on how to efficiently allocate scarce or limited resources, in order to meet the unending requirements, wants and needs of consumers.

In Economics, an example of scarcity is that most of the resources used for the manufacturing of finished goods and services are nonrenewable, and as a result, the wants and needs of the end users or consumers are limited. Thus, economists would advise that economies should decide on what to produce, how to produce, when to produce and for whom to produce due to the finite and limited nature of resources i.e the concept of scarcity.

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Total payroll of Walnut Co. was $1,900,000, of which $330,000 represented amounts paid in excess of $118,500 to certain employee

babymother [125]

Answer:

Dr Salaries and Wages Expense $1,900,000,

Cr Withholding Taxes Payable $461,000,

Cr FICA Taxes Payable 124,890

Cr Cash 1,314,110

Dr Payroll Tax Expense 158,535

Cr FICA Taxes Payable 150,135

Cr FUTA Taxes Payable 3,360

Cr SUTA Taxes Payable 5,040

Explanation:

Walnut Co

Dr Salaries and Wages Expense $1,900,000,

Cr Withholding Taxes Payable $461,000,

Cr FICA Taxes Payable 124,890

Cr Cash 1,314,110

(1,900,000 – $330,000) × 7.65%+ ($330,000 × 1.45%)

=1,570,000×0.0765+4,785

=120,105+4,785

Dr Payroll Tax Expense 158,535

Cr FICA Taxes Payable 150,135

($1900,000 × 7.65%) + ($330,000 × 1.45%)

(145,350+4,785)

Cr FUTA Taxes Payable 3,360

($1,900,000 – $1,480,000) × .8%

420,000×.8%

Cr SUTA Taxes Payable 5,040

($420,000 × 1.2%)

7 0

3 years ago

A credit card company wants your business. If you accept their offer and use their card, they will deposit 11% of your monetar

Ket [755]

Answer:

I will have $183536835400 in my savings after 1515 years

Explanation:

Deposit into the savings account = 0.11×$2000020000 = $220002200

Earnings after 1515 years = 0.55×1515×$220002200 = $183316833200

Total amount in savings plan after 1515 years = $220002200 + $183316833200 = $183536835400

3 0

3 years ago

Messing Company has an agreement with a third-party credit card company, which calls for cash to be received immediately upon de

olasank [31]

Answer:

Thee jounal entry for January 1 of Messing Company is done below.

Explanation:

3.5% * 4000 = 140

Date Account Titles Dr Cr

Jan 1 Cash $3,860

Credit Card Expense 140

Sales Revenue 4,000

4 0

3 years ago

The average price of homes sold in the U.S. in 2012 was $240,000. A sample of 144 homes sold in Chattanooga in 2012 showed an av

Ainat [17]

Answer:

H0 : Average price of homes sold in US = 24000 ; H1 : Average price of homes sold in US ≠ 24000

t calculated value = 2 , t critical (tabulated) value = 1.96

calculated t > critical t . Null Hypothesis is rejected, It is concluded that 'Average price of homes sold in US ≠ 24000 '

Explanation:

Null Hypothesis : Average price of homes sold in US = 24000

Alternate Hypothesis : Average price of homes sold in US ≠ 24000

t = (x' - u) / (s / √n)

x' = sample mean = 246000 (given)

u = population mean = 240000 (given)

s = standard deviation = 36000

n = no. of observations = 144

t = (246000 - 240000) / (36000/√144)

6000/ (36000/12000) = 6000/3000

t = 2

Critical value for a two tailed test at 5% significance level, 0.025 in t distribution = 1.96

Since calculated value, 2 > tabulated or critical value at significance level, 1.96. So, we reject the null hypothesis. This implies that <u>'Average price of homes sold in US ≠ 24000</u>'

3 0

3 years ago

Allocating Joint Costs Using the Net Realizable Value Method

Ilya [14]

Answer:

Allocating Joint Costs Using the Net Realizable Value Method

1. Joint Cost

Grades Allocation

L-Ten $1,850

Triol 6,569

Pioze 3,881

Total $12,300

2. Joint Cost

Grades Allocation

L-Ten $2,112

Triol 5,756

Pioze 4,432

Total $12,300

Explanation:

a) Data and Calculations:

Cost of each production run = $12,300

Product Gallons Further Processing Eventual Market Net Realizable

Cost per Gallon Price per Gallon Value

L-Ten 3,200 $0.70 $2.10 $4,480

Triol 3,700 1.10 5.40 15,910

Pioze 2,000 1.50 6.20 9,400

Total 8,900 $29,790

Allocation of join cost:

L-Ten = $4,480/$29,790 * $12,300 = $1,850

Triol = $15,910/$29,790 * $12,300 = $6,569

Pioze = $9,400/$29,790 * $12,300 = $3,881

Product Gallons Further Processing Eventual Market Net Realizable

Cost per Gallon Price per Gallon Value

L-Ten 3,200 $0.70 $2.10 $4,480

Triol 3,700 2.10 5.40 12,210

Pioze 2,000 1.50 6.20 9,400

Total 8,900 $26,090

Allocation of join cost:

L-Ten = $4,480/$26,090 * $12,300 = $2,112

Triol = $12,210/$26,090 * $12,300 = $5,756

Pioze = $9,400/$26,090 * $12,300 = $4,432

7 0

3 years ago