Answer and Explanation:
The adjusting entry is as follows:
Supplies expense Dr $2,200
To Supplies $2,200
(being the supplies expense is recorded)
Here the supplies expense is debited as it increased the expenses and credited the supplies as it decreased the assets
The computation is
= Opening supplies + purchased - closing supplies
= $1,500 + $2,900 - $2,200
= $2,200
Answer:
LM curve will shift left and lead to decrease in Y and increase in r.
Explanation:
When money demand decreases, it will cause LM curve to shift up to the left. There will be decrease in Fed which causes decrease in money supply. The upward shift of LM curve will lower the income and raise interest rates.
Answer:
The correct answer is A)
Explanation:
When products and or services are manufactured at a level that maximizes social welfare, allocative efficiency is said to have occurred.
A market system characterized as monopolistic competition may <u><em>never </em></u>achieve productive efficiency because firms often fix prices at a point higher than their marginal costs.
Marginal cost refers to the added cost incurred by producing or manufacturing one additional unit of a product.
Cheers!
Answer:
C) $1,200 capital gain.
Explanation:
David's basis on the land was $24,000
liability assumed by other partners = $30,000 x (1 - 10%) = $27,000
liability assumed by David on the partnership's other liabilities = $18,000 x 10% = $1,800
David's gain = liability assumed by other partners ($27,000) - land basis ($24,000) - additional liability assumed by David ($1,800) = $1,200 gain
When a partner contributes property to a partnership, his/her gain or loss must be determined using the asset's basis, not the fair market value.
