Answer:
The demand for gasoline is elastic .
Explanation:
The elastic demand which is also termed as the price elasticity of demand, according to this concept the demand for a good is sensitive to changes in the price of goods, that means (according to this question ) if the prices of gasoline are increased by the service station owner, than the demand for gasoline would decrease . Here the demand would change by same percentage , that price would change.
Answer:
Explanation:
Expenses can be capitalized if it improves the condition of an asset at acquisition and will increase the future benefits of the acquired asset.
The painting and the the cost of fixing the roof rack and the hitch are capitalized while the insurance cost is expended as administrative fee.
Cost
Cost of Vehicle - 11200
Painting - 2800
Fixing of roof and hitch - 1800
New vehicle cost - $15800
Useful life = 5 years
Depreciation rate = 1/5*100=20%
Scrap value - $4300
Depreciated value = $11500
Assuming a December 31 year end
Depreciation Accumulated depreciation
2019 1/2 year 11500*20%*1/2 =1150 1150
2020 11500*20% = 2300 3450
2021 11500*20% =2300 5750
2022 11500*20% =2300 8050
2023 11500*20% = 2300 10350
2024 1/2 year 11500*20%*1/2=1150 11500
Answer and Explanation:
The journal entries are shown below:
A. Equipment $24,500 ($25,000 × 98%)
To Accounts Payable $24,500
(Being the equipment is purchase on account)
B. Equipment $24,545
Discount on Notes Payable $2,455
To Note Payable $27,000
(Being note payable is recorded)
C. New Equipment $24,500
Accumulated Depreciation $8,000
Loss on Equipment $3,500
To Cash $22,000
To Old Equipment $14,000
(Being equipment is recorded)
D. Equipment $24,000
To Common Stock $24,000
(Being equipment purchased)
- The balance of funds due to a company for goods or services supplied or employed but not yet paid for by customers is the account accounts receivable, that is the account.
- The net income is the amount that you get each month from your check instead of the gross amount paid before deductions for payrolls.
- Operating cash flows are a part of a corporate cash flow statement explaining the sources and use of cash from ongoing business activities over a certain period.
- Retained income (RE) is indeed the net income remaining to the company after it has paid dividends to its shareholders.
The further discussion can be defined as follows:
Calculated to use this formulation is the account receivable
reported on the balance sheets
Using formula:
Admissible Accounts
The reported net income is revenue from services of 
The reported net cash flow from operations is 
in
cash from accounts receivables in 1 year.
Reclaimed revenues are representing the amount of net
income transferred to the retained income account.
So, the final answer is "$4,000, $18,000, $14,000, and $18,000".
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