Answer: positive cross elasticity of demand.
Explanation: In simple words, cross elasticity refers to the degree of change in the demand of a good with respect to change in the price of another goods.
In case of substitute goods, one good can easily be used in the place of another good. Thus, if the price of one good increases the demand for its substitute good also increases.
Hence from the above we can conclude that substitute goods have positive cross elasticity.
Answer:
The amount of outstanding checks on Harris Company's June bank reconciliation should be $42700.
Explanation:
Outstanding amount of checks issued = Checks outstanding in beginning of June + Checks issued during the month of June - Checks cleared in June
= $15400 + $64900 - $37600
= $42700
Therefore, The amount of outstanding checks on Harris Company's June bank reconciliation should be $42700.
Answer:
The Journal entries are as follows:
(i) On October 1,
Dividend declared A/c(3,200 × 0.25) Dr. $800
To Dividend payable $800
(To record the declaration of cash dividend)
(ii) On October 15,
No entry
(No entry on date of record because no transaction actually happened)
(iii) On October 31,
Dividends payable A/c Dr. $800
To cash $800
(To record the payment of cash dividends)
Answer:
the self employment tax on 92.35% of your net income as self employed by 15.3% = $193,800 x 92.35% = $178,974.30
Miranda will pay social security (OASDI) taxes for the first $137,700 = $137,700 x 6.2% x 2 = $17,074.80
Her Medicare taxes will be calculated using $178,974.30 x 1.45% x 2 = $5,190.25
total self employment taxes = $17,074.80 + $5,190.25 = $22,265.05
Miranda can deduct 50% of her self employment taxes from her AGI = $22,265 x 50% = $11,132.50 ≈ $11,133
Answer:
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