Answer:
undervalued assets an liabilities by 50,000
Explanation:
The financial statement for the fiscal year ended on December 31th, 2012
will have the following mistake:
Liabilities are undervalued by 50,000
Cash wll be undervalued by 50,000
As the note payable is not recorded neither the cash receipts from the loan.
Because this transaction is missing, we are not doing a correct representation of reality. This account will be undervalued.
Answer:
Loss on sale of delivery equipment = $3,700
Explanation:
The following journal entry to record the exchange for Sheridan’s Delivery Company.
Delivery equipment debit (fair value) $2,800
Loss on sale of delivery equipment debit $37,00 (Note - 1)
Accumulated depreciation debit $15,000
Delivery equipment (original cost) credit $21,500
Note: Calculation: Loss on sale of delivery equipment = cost price of delivery equipment - accumulated depreciation - disposal of delivery equipment.
Loss on sale of delivery equipment = $21,500 - $15,000 - $2,800.
Loss on sale of delivery equipment = $21,500 - $17,800
Loss on sale of delivery equipment = $3,700
Answer:
The ability of sellers to change the amount of the good they produce.
Explanation:
Price elasticity of supply: It is an economic measure to check the responsiveness of quantity supplied to the change of price. As per the law of supply, the supply of quantity increases with the increase in the price of goods and services and vice versa. The numerical value of elasticity indicates how is the response of quantity supplied to the price of the product. As zero indicates no response to the change in price and 1 indicate a higher response to the price of the product.
The key determinant of the price elasticity of supply is how well the seller is able to change the quantity supplied as per the price in the market.
Answer:
Compound interest (or combining interest) is that the interest on a loan or deposit calculated supported each the initial principal and also the accumulated interest from previous periods.
Answer:
56
Explanation:
The rule of 70 can be used to determine the amount of years it would take the GDP of a country to double given its growth rate
Number o year for GDP to double = 70 / growth rate of country
for country A = 70 / 5 = 14 years
for country B = 70 / 1 = 70 years
70 years - 14 years = 56 years
