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3 years ago

What is the difference between elastic and inelastic demand? Give 5 points?

Business

1 answer:

denpristay [2]3 years ago

5 0

Explanation:

Elastic demand means there is a substantial change in quantity demanded when another economic factor changes )

inelastic demand means that there is only a slight (or no change) in quantity demanded of the good or service when another economic factor is changed.

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_____is recording, classifying, summarizing and interpreting of financial events and transactions in an organization to provide

alexandr1967 [171]

<u>Accounting </u>is recording, classifying, summarizing, and interpreting financial events and transactions in an organization to provide interested parties with needed financial information.

<h3>What is the need for accounting?</h3>

Accounting is essential in the company because it allows you to track income and expenses, maintain statutory compliance, and offer quantitative financial information to investors, management, and the government for use in making business choices.

Therefore, <u>Accounting </u>is recording, classifying, summarizing, and interpreting financial events and transactions in an organization to provide interested parties with needed financial information.

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5 0

2 years ago

The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account fo

Zinaida [17]

Answer:

Accounting equation is stated as follows:

Assets = Liabilities + Stockholder's Equity

Transaction 1

Providing services will increase revenue, which will increase stockholder's equity. And since it is on account it will increase assets by the same amount = $39,000

Transaction 2

Cash received will increase cash in assets and will decrease accounts receivables in assets. Net effect = 0

Transaction 3

Purchase of equipment will increase equipment that is asset by $24,000 and further it is purchased through a note payable, it will increase liability with the same amount.

Transaction 4

This will decrease cash as paid in cash which will decrease assets, and further this will be expense for the period which will decrease the revenue and will decrease the stockholder's equity.

4 0

3 years ago

What is the interest expense on December 31?

Ainat [17]

The interest expense on December 31 of the first year is <u>$5,250</u>.

<h3>What is the interest expense on bonds?</h3>

The interest expense for a bond that has the same coupon rate as the market rate is always the same for all periods of the bond.

This shows that the bond was issued at neither premium nor discount but at par.

<h3>Data and Calculations:</h3>

N (# of periods) = 20

I/Y (Interest per year) = 7.5%

PMT (Periodic Payment) = $5,250 ($140,000 x 7.5% x 1/2)

FV (Future Value) = $140,000

Results:

PV = $140,000.00

Sum of all periodic payments = $105,000 ($5,250 x 20)

Total Interest = $105,000

<h3>Schedule</h3>

Period PV PMT Interest FV

1 $140,000 $5,250 $5,250 $140,000

2 $140,000 $5,250 $5,250 $140,000

Thus, the interest expense on December 31 of the first year is <u>$5,250</u>.

Learn more about the interest expense of bonds issued at par at brainly.com/question/16995383

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2 years ago

A refrigerator used by a wholesale warehouse has a cost of $64,000, an estimated residual value of $5,200, and an estimated usef

PilotLPTM [1.2K]

Answer:

(64,000- 5,200 = 58,800).

Explanation:

Subtract your originial cost from the residual value. (64,000- 5,200 = 58,800).

3 0

3 years ago

Larned Corporation recorded the following transactions for the just completed month.

Galina-37 [17]

Answer and Explanation:

The journal entries are shown below:

Raw materials inventory $76,000

To Accounts payable $76,000

(being the raw material purchased on account)

Work in process inventory $65,000

Manufacturing overhead $9,000

To Raw materials inventory $74,000

(Being the work in process and overhead is recorded)

Work in process inventory $101,500

Manufacturing overhead $21,500

To Cash $123,000

(being cash paid is recorded)

Manufacturing overhead $195,000

To Accumulated depreciation-Equipment $195,000

(being the manufacturing overhead is recorded)

7 0

3 years ago