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2 years ago

Trading one good or service for a good or service of equal value is called

Business

2 answers:

nexus9112 [7]2 years ago

7 0

It would be bartering because it's an even exchange.

zimovet [89]2 years ago

5 0

Hey there! Great question:) The answer is bartering, because that simply means trading. They are both synonyms!

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*E21.23 (LO 5) (Sale-Leaseback) Assume that on January 1, 2020, Elmer's Restaurants sells a computer system to Liquidity Finance

Dennis_Churaev [7]

<u>Solution and Explanation:</u>

Date General Journal Debit Credit

January 1, 2017 Cash/Liquidity Finance Co. 680000

Computer system 600000

Profit on sale of computer system 80000

To record the sale of computer systems

January 1, 2017 Lease Rental 115970

Cash 115970

To record the first lease rental of the lease Journal entries in the books of lesser(Liquidity Finance Co.)

Amount in $

Date General Journal Debit Credit

January 1, 2017 Computer system 680000

Cash/Elmer's Restaurants 680000

To record the purchase of computer systems

January 1, 2017 Cash 115970

Lease Rental Income 115970

To record the first receipt towards lease rental of the lease

December 31, 2017 Depreication on computer system 68000

Accumulated depreication on computer system 68000

To record the depreication expense for the year

5 0

2 years ago

The primary responsibility for fair and accurate financial reporting rests with the:

Nikitich [7]

Answer:

The correct answer is (D)

Explanation:

Financial reporting is a complex task which requires an expert to handle them accurately. Companies make many changes in the real data to slip from government taxes and they usually report losses. Auditors are the one responsible to find discrepancies in the financial reporting. So, the primary responsibility rests with the auditors for accurate financial reporting.

5 0

3 years ago

What are five foundations of economics? increasing trade between two countries makes everyone in those countries better off.

geniusboy [140]

The five foundations of trade are:

incentives
tradeoffs
opportunity cost
marginal thinking,
principle that trade creates value.

<h3>Why do we engage in trade?</h3>

There are five main foundations of trade that are the reason why people engage in trade. One of them is the profit incentive to make money from trade. Another is the tradeoffs that people are forced to make to survive.

Opportunity cost also leads to trade because people give up one thing for another and so may have to sell the thing they gave up to receive the thing they want. There is also the principle which posits that when we trade, value is created. Finally, there is marginal thinking which is thinking along the lines of the benefit of one additional unit.

Find out more on the foundations of trade at brainly.com/question/2710473

#SPJ1

5 0

1 year ago

What is a delivery gap?

sertanlavr [38]

A delivery gap is,

a. the difference between a firm's service standards and the actual service it provides

- Mabel <3

7 0

3 years ago

For each of the following corporate formations, (1) write the amount of gain or loss that will be recognized by the shareholders

Maslowich

Answer:

Back Stop, Inc.

1. The amount of gain or loss that will be recognized by the company:

a. $30,000 gain

b. $80,000 loss

2. The corporation's basis in the property after the transfer:

a. $150,000

b. ($80,000)

Explanation:

1) Data and Calculations:

a. Building $150,000 Capital, Kelly $120,000 Unrealized gain $30,000

b. Unrealized loss $80,000 Capital, Kelly $80,000

2) The building contributed by Kelly is worth $150,000 for the corporation. However, the contribution by John is worth nothing in real terms. Instead, an unrealized loss is being suffered by the corporation.

3 0

2 years ago