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Sauron [17]
3 years ago
15

Consider the following information:

Business
1 answer:
sashaice [31]3 years ago
7 0

Answer: a. Total Assets: $142,000

Total Liabilities: $35,000

Total Equity: $107,000

Explanation:

Total Assets = Fixed assets + Current assets

Fixed assets = Building + Depreciation

= $150000 - ($30000)

= $120000

Current assets = Cash + Accounts Receivable + Office Supplies + Prepaid Insurance

= $10,000 + $7,000 + $2,000 + $3,000

= $22000

Total assets = $120000 + $22000 = $142000

Total Liabilities = Accounts Payable + Notes payable

= $5,000 + $30,000

= $35000

Owner's Equity: $107,000

Therefore, the answer is

Total Assets: $142,000

Total Liabilities: $35,000

Total Equity: $107,000

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Which term best completes the outline?
Strike441 [17]

Answer:

C. Market.

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.

Basically, there are four (4) main types of economy and these are;

I. Mixed economy.

II. Command economy.

III. Traditional economy.

IV. Free market economy.

A free-enterprise system also referred to as capitalism or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a free-enterprise system is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.

Simply stated, a free-enterprise system is a type of economy that is completely driven by demand and supply of goods and services.

The four (4) main elements or characteristics of a free enterprise system includes the following;

a. Profit: businesses are all out to generate revenue and profit through the sales of finished goods.

b. Economic freedom: means of production of goods and services are controlled by the people rather than the government. Thus, the producers are free to make their economic choices or decisions such as deciding on how much is to be charged on a product.

c. Private ownership of properties: the various factors of production are owned and allocated by the people. Thus, citizens have rights to the ownership and use of private property.

d. Competition: there are many buyers and sellers of homogeneous products, as well as free entry and exit in the market. Thus, consumers are free to make their economic choices or decisions such as deciding on which product to buy, which goods interest them, where to shop for goods, etc.

In conclusion, a market is characterized by the following economy;

I. Economic freedom

II. Competition between businesses

III. Decisions motivated by profit

5 0
3 years ago
ABC Ltd (ABC) engaged the accounting firm of Ace & King to perform its annual audit. Ace amp; King performed the audit in a
Debora [2.8K]

Answer:

The auditor is entitled to collect the audit fee and is not liable for $90 000.

Explanation:

Ace & King did their job in a competent way, the fact that the company's controller was doing something illegal is not their responsibility. External auditors work with the information that is given to them and their job is limited to analyzing them and making their conclusions about them.

In this case, the controller was the person responsible for giving the information to the auditing company, so he had the chance to direct their conclusions. An external auditor is not responsible for what happens inside a firm, and if someone steals money or assets, he/she is responsible for it.

8 0
4 years ago
Which of the following is a characteristic of a certificate of deposit?
valentinak56 [21]

Answer:

C). It requires that the funds be kept in the account for a minimum fixed period of time e.g. 90 days

<u>Multiple- choices</u>

A).  You have to earn at least $100,000 in salary to be allowed to buy a CD

B).  It is just a different name for a savings account

C). It requires that the funds be kept in the account for a minimum fixed period of time e.g. 90 days

D). Only large banks offer them

Explanation:

Banks and other financial institution offer certificates of deposit (CD) saving account to customers who intend to limit the number of withdraws. This type of savings account pays a higher interest rate than the regular savings account. A customer wishing to open this account agrees with the bank on the duration that they want to save the money.  Withdrawals can only be made after the agreed period lapses. Should the customer demand for their money before the end of the agreed period,  they may get penalized by the banks.

8 0
2 years ago
A________is a form of organisation in which the owner maintains complete control over the business and is personally liable for
Ainat [17]

Answer:

Sole Proprietorship

Explanation:

Sole proprietorships own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts.

6 0
2 years ago
Read 2 more answers
Which is not a reason for supporting ethical relativism?
raketka [301]

This is not the reason why not support ethical relativism; Ethical relativism holds that there is a right and wrong, even though we do not agree about what is right and wrong and If people disagree about some moral matter, their disagreement will always be due to their having different moral values.

4 0
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