Answer:
B) debit supplies Expense, $5, 200 credit supplies. $5, 200.
Explanation:
When supplies are purchased, he entries posted are debit supplies account and credit cash or accounts payable account.
When supplies are used up, the amount of supplies used is credited to the supplies account and debited to the supplies expense account.
This reduces the book balance in the supplies account to what is physically available.
Quantity used up = $7,000 - $1,800
= $5,200
Answer and Explanation:
For Home Improvement Store (Acme) following are the implicit modelling assumptions or other qualitative factors which are relevant but not covered by the model:
1)Average customer footfall is considered at all times.
2)Seasonal effects are not considered. For example, boost in sales during festival times.
3)Employee absenteeism is not considered. i.e. all employees are expected to be present always.
4)Location is not considered to affect the change in scheduling activity.
5)Wages are considered to be uniform throughout and not affect employee performance.
Answer:
b. $3,350,000
Explanation:
<em>Long-Term Liabilities:</em>
Bonds Payable $3,000,000
Notes Payable $165,000
Mortgage Payable $185,000
Total Long Term Liabilities $3,350,000
Answer:
(D) private goods.
Explanation:
Goods is a material that, in economic theory, satisfies people's wishes and provides usefulness. Goods and services are different. In economic theory all goods are considered material, but in reality such goods as information (or information) are non-material goods. For example, although Apple is a tangible asset among other commodities, news is related to non-material class goods and can only be perceived through tools such as Computer and Printing. Material goods such as apples differ from non-material goods as information in terms of the impossibility of a person to keep the other physically, while the former occupies a certain physical area. Intangible goods differ from services in the sense that they are transferable or sold. Price elasticity also differentiates the types of goods. Elastic goods are commodities where there are major changes in quantities due to small changes in the price and, therefore, relate to the family of substitute goods; For example, consumers will prefer to buy pencils, such as pencil shields. Intangible goods are few and no substitutes, such as racing tickets, artist's original work, and medical supplies such as insulin. Complementary goods are more elastic than substitutes. It depends on which commodity is substituting or complementary to other goods.
Private goods are both excludable and rival in consumption. Most goods in the economy are private goods. A private commodity or goods is a product to be purchased for consumption and prevents the consumption of another by one person. In other words, when there is competition between people for the sake of good, good is something special or private, and consuming good prevents one from consuming it.
D. is the answer..Critical-Thinking means using good judgement to solve a problem or quesiton.
