Which economic system has no formal government

1. On January 1, 2017, a subsidiary sold equipment to its parent for $520,000. The subsidiary's original cost was $200,000 and a

Triss [41]

In the consolidation eliminating entries for 2021, the equipment account (gross cost) is reduced by a net amount of $340,000.

Explanation:

Given:

Selling cost of equipment = $520,000

Original cost of the equipment = $200,000

Depreciation of asset = $20,000

The net amount of the Equipment = Original cost - Accumulated Depreciation

The net amount = $200,000 - $20,000 = $180,000

The Profit on Sale of the Equipment = Selling cost - The net amount

= $520,000 - $180,000

= $340,000

The equipment account (gross cost) is reduced by a net amount of $340,000 .

7 0

3 years ago

The costs of lead contamination have been estimated to be $1 billion for medical care of those sickened by lead, plumbing repair

Alexus [3.1K]

Answer:

Social cost of market failure

Explanation:

Market failure is an economic situation in which an imperfection in the market mechanism prevents an optimal outcome.

The $1 billion cost of lead contamination intended for the medical care of those sickened by lead, plumbing repairs and reduced earnings of those affected is called social cost of market failure.

Whenever external benefits and costs exist, the market will not produce at the optimal outcome leading to social cost of market failure by an organization.

External costs are costs that are imposed without compensation on a third party.

5 0

4 years ago

At the start of the month, Oak Inc. had 58,000 units of beginning work in process that were 65% complete. Over the course of the

Andreyy89

Answer:

According to these figures, Oak has more equivalent units of production for materials and fewer equivalent units of production for conversion costs than Maple

Explanation:

Oak EU:

Transferred units less percentage of completion beginning inventory plus completion on ending inventory

Materials:

208,900

58,000 x 40% (they were added the 40% at beginning but, not the remaining 60%)

59,400 x 100% (they reach the 70% threshold so the rest of the materials where added)

Equivalent units Materials 245100

Conversion:

208,900 - 58,000 x 65% + 59,400 x 70%

212780

Maple EU:

Materials:

210,500 - 61,200 x 40% + 52,400 x 100% =

238420

Conversion:

210,500 - 61,200 x 60% + 52,400 x 90% =

220940

Oak v Maple:

Materials:

Oak Maple

245100 > 238420

Conversion:

Oak Maple

212780 < 220940

4 0

3 years ago

Your friend remarks that longer movies are a better deal than shorter movies because the ticket price is the same in both cases.

denis23 [38]

Answer:

a. opportunity cost principle, the length of the movie does not matter as long as watching a movie is the best way to spend your time compared to other alternatives.

Explanation:

In the given case since it is mentioned that longer movies would be more better as compared with the shorter movies also the price for the both would be the same so here the opportunity cost principle is applied i.e. the movie length is not relevant here as it is considered to spend your time by watching a movie

So the first option is correct

8 0

3 years ago

Xui is studying for her chemistry exam. After reviewing the information she learns in lecture and from the textbook, she takes p

mr Goodwill [35]

Answer:

Testing effect

Explanation:

Xui is a student of chemistry and after taking lectures and making notes she takes a practice test to check her memory, this type of practice is known as testing effect. The testing effect is a way to test your memory by performing different tests. It helps to examine where you stand and how much practice and learning you need to succeed.

7 0

3 years ago

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Which economic system has no formal government ​

Which economic system has no formal government