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3 years ago

Explain concisely whether the following statement is true or false:

Business

1 answer:

Mrac [35]3 years ago

3 0

False. Gpd was not designed to assess welfare

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On July 1, 2020, Whispering Co. pays $13,620 to Metlock Insurance Co. for a 3-year insurance policy. Both companies have fiscal

S_A_V [24]

Answer:

jul-01 Prepaid expenses 13.620

jul-01 Cash 13.620

dec-31 Insurance policy expense 2.270

dec-31 Prepaid expenses 2.270

Explanation:

Paid 1-jul 13620

Three Years 13.620 36 months

Monthly 378 month

Current Year 2.270 6 months

jul-01 Prepaid expenses 13.620

jul-01 Cash 13.620

dec-31 Insurance policy expense 2.270

dec-31 Prepaid expenses 2.270

4 0

3 years ago

Revenues, Expenses, and Cost of Goods Sold are closed to which of the following accounts:_________

iren2701 [21]

Answer: A) Income Summary

Explanation:

The Income Summary account is used to compile temporary accounts before posting them to capital accounts. Revenues, Expenses and Cost of Goods are temporary accounts which will be compiled in the Income summary account.

The Income summary account has a debit and a credit side with income going on the credit side and expenses going on the debit side. If the credit side is higher than the debit side then profits have been made. The reverse is true.

6 0

3 years ago

The publisher of an economics textbook finds that, when the book's price is lowered from $70 to $60, sales rise from 10,000 to 1

ankoles [38]

Answer:

Price elasticity of demand = 2.6

Explanation:

Given:

Old price (P0) = $70

New price (P1) = $60

Old sales (Q0) = 10,000 units

New sales (Q1) = 15,000 units

Computation of Price elasticity of demand(e):

Midpoint method

$e=\frac{\frac{Q1-Q0}{\frac{Q1+Q0}{2} } }{\frac{P1-P0}{\frac{P1+P0}{2} } }$

By putting the value:

$e=\frac{\frac{10,000-15,000}{\frac{10,000+15,000}{2} } }{\frac{60-70}{\frac{60+70}{2} } }\\e=\frac{\frac{-5,000}{\frac{25,000}{2} } }{\frac{-10}{\frac{130}{2} } }\\$

$e=\frac{\frac{-5,000}{12,500} }{\frac{-10}{65} }$

e = 2.6

7 0

3 years ago

When housing prices ________ as they did beginning in 2006 following the housing market bubble, most banks and other lenders tig

-Dominant- [34]

Answer:

"Fell" "Harder"

Explanation:

When housing prices fell as they did beginning in 2006 following the housing market bubble, most banks and other lenders tightened the requirement for borrowers, making it harder for potential home buyers to obtain mortgages.

6 0

2 years ago

During February 2018 its first month of operations, the stockholders of Bonita Enterprises invested cash of $49500. Bonita had c

hichkok12 [17]

The balance in Cash at February 28 = $44900

<u>Explanation:</u>

Given:

Cash invested by stockholders of Bonita Enterprises = $49500

Cash revenues of Bonita = $10100

Expenses paid by Bonita = $14700

Calculation of balance in cash as follows:

The balance in Cash at February 28 = Cash Invested + Cash Revenues - Paid Expense=$ 49,500 + $ 10100 - $ 14,700= $ 44900

Hence the correct answer is $44900

5 0

3 years ago