Economists use the distinction between private and public goods to determine what projects and activities should be undertaken by the government.
In the economy, there are different types of goods among which, public goods are goods which are produced by the government or by nature for the welfare of the people without any cost. On the other hand, private goods are the ones manufactured and sold by private companies to earn a profit.
Economists use this distinction between different goods to allow the government to decide which goods are considered public goods so that the government can channel the funds in order to provide the public goods to the economy.
Hence, both public and private goods have their own importance in the economy.
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An owner who is active in managing the company, and who has unlimited liability for claims against the firm is a "general" partner.
A general partnership, the essential type of association under common law is a course of action by which at least two people consent to partake in all advantages, benefits and monetary and legitimate liabilities of a business. Such partners have boundless liability, which implies their own assets are at risk to the partnership's commitments.
Answer:
The amount for gross trade account receivable is $520
The amount for bad debt expense is $144
Explanation:
The gross amount receivable is total receivable amount from the sales made. In the given scenario the amount receivable for the year is $443 plus the provisions made at the end of the year. The gross receivable is $520.
Explain why the cash flow statement prepared using the indirect method does not explicitly report cash outflows during the period of purchases and salaries. and do not report spills.
In most cases, cash flow and net income statements differ due to the time lag between recorded sales and actual payments. The situation is controlled when the billing customer pays cash in the next period.
The main advantage of the indirect cash flow method is that it provides a net income and cash flow adjustment. The indirect method also helps financial statement users to better understand the various relationships between financial statements and is an easy way to prepare cash flow statements.
Which of the following statements is correct when using the indirect method to prepare the cash flow statement? Income from the sale of equipment is added to the net income of the operations section. Losses on land sales are added to the operating section's net income.
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B The cost of living has risen faster than the amount people get paid. That is why they want to raise minimum wage to $15 per hour.
