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3 years ago

Which of the following best describes an economic system?

Business

2 answers:

Elanso [62]3 years ago

8 0

Answer:

mine is different on edjunuity for some reason

Explanation:

Marina CMI [18]3 years ago

7 0

System revolving around the production, distribution, and consumption of goods and services.

An economic system encompasses all of the production, distribution, and consumption within a society of goods and services. This definition is the most inclusive and holistic, whereas the other definitions describe part of an economic system, or another aspect of our socio-political and economic structures.

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Weaver Corporation had the following stock issued and outstanding at January 1, Year 1:

lesantik [10]

Answer:

Preferred shareholder (7,500*$100)*7% $52,500

Common shareholder (70,000×$2) $140,000

Total dividend $192,500

Date General Journal Debit Credit

10 June Dividend $192,500

To dividend payable $192,500

(To record dividends payable)

20 June No entry required

01 July Dividend payable $192,500

To cash $192,500

(To record dividend payment)

31 Dec Retained earning $192,500

To dividends $192,500

(To close dividend account)

7 0

2 years ago

John would like to move from the city into the suburbs and has been saving up a large down payment for a home. Which is the most

Simora [160]

Im 100 percent sure that the anser is c

3 0

3 years ago

Suzanna decided not to pay federal income tax, saying that paying federal income tax is optional. Describe two possible conseque

Romashka [77]

Answer:

Not filing your return will cost you an additional 5 percent of your unpaid tax bill each month.

Not paying what you owe will add an extra 0.5 percent each month to your overall IRS debt.

If you did not file on time and did not pay any tax you owed, you are subject to both penalties. However, the IRS actually gives you a bit of a break. The maximum penalty that you’ll pay for both in any given month is 5 percent, rather than 5.5 percent.

If you don’t file or pay for five months, the failure-to-file penalty will max out at 25 percent of your unpaid taxes. But the 0.5 percent failure-to-pay penalty will continue to accrue, up to another 25 percent of what you owe, until the tax is paid.

Interest also is charged on the overdue amount

If your due a refund then the only way to get it is to file

Explanation:

7 0

3 years ago

Read 2 more answers

What does the investment component of GDP measure?

Allisa [31]

Answer:

b. spending on goods to be used in future production

Explanation:

There are basically four components of Gross domestic product (GDP) which are as follows

GDP = Consumption spending + investment + government spending + net exports

where,

Net exports would equal to

= Export-import

Here, investment means the investment is done on goods which increase in productivity for the future period so that overall output could be increased

8 0

3 years ago

Below is the trial balance for Sugar Almonds Ltd as at 31st December 2020

valentina_108 [34]

Answer:

Net income = $31,130

Total Assets = Owner's Equity and Liabilities = $104,230

Explanation:

The the Income Statement of Profit or Loss and the Statement of Financial Position can be prepared as follows:

Sugar Almonds Ltd

Income Statement of Profit or Loss

For the Year Ended 31st December 2020

Particulars $ $

Sales Revenue 93,700

Cost of sales:

Opening inventory 12,000

Purchases 49,000

Closing inventory - income statement (24,350)

Cost of sales (36,650)

Gross profit 57,050

Operating expenses:

Administrative Expenses (850)

Rent paid (2,000)

Telephone (900)

Wages (21,650)

Travel expenses (330)

Total operating expenses (25,730)

Interest income (expense):

Interest paid (190)

Net income  31,130 

Sugar Almonds Ltd

The Statement of Financial Position

As at 31st December 2020

Particulars $ $

Fixed Assets

Premises at cost 70,000

Vehicles at cost 5,800

Total Fixed Assets 75,800

Current Assets

Cash 630

Bank 2,100

Closing inventory - Statmt of fin positn 24,350

Trade Receivables 1,350

Total Current Assets 28,430

Total Assets  104,230 

Owner's Equity

Capital 72,000

Drawings (6,450)

Net income 31,130

Total Owner's Equity 96,680

Current Liabilities

Trade Payables 6,400

VAT 1,150

Total Current Liabilities 7,550

Owner's Equity and Liabilities  104,230 

6 0

2 years ago