Answer:
The answer is YED for concert tickets = 20%/ 20% = 1
YED for bus rides = -20% / 20% = -1
Explanation:
income elasticity of demand (YED) = % change in Quantity demanded / % change in income
% change in income= (240-200) / 200 * 100= 20%
YED for concert tickets = 20%/ 20% = 1
YED for bus rides = -20% / 20% = -1
The income elasticity of demand for concert tickets and bus rides is unitary which means the rise in income is proportionate to the increase in the quantity demanded.
Answer: A. deferred and recognized as income over the term of the lease.
Explanation:
In a sale-leaseback transaction, that is when a property is sold by a company and leased back, the property seller is the lessee and the property purchase is the lessor. In this case, a sale-leaseback will allow a company to sell an asset so that the company can raise capital, after which the asset can then be leader back.
When a company sells property and then leases it back, any gain on the sale should usually be deferred and recognized as income over the term of the lease.
Answer:
See explanation section
Explanation:
1. Debit Cash $17,000
Credit Service revenue (music) $17,000
<em>Note: The academy receives cash by providing music services to the students.</em>
2. Debit Prepaid Insurance $4,200
Credit Cash $4,200
<em>Note: The academy paid cash in advance to purchase insurance policy.</em>
3. Debit Musical Equipment $20,000
Credit Cash $20,000
<em>Note: The academy paid cash for acquiring musical equipment.</em>
4. Debit Cash $30,000
Credit Notes payable $30,000
<em>Note: The academy borrowed cash by signing a notes from the bank.</em>
Answer:
D) The normal balance of an expense account is a credit.
Explanation:
We know that
The debit sections report assets and expenses side while sales, stockholder equity, and the liability side are reported in the credit section.
So as per the given options, the incorrect answer is D as expense account has a debit balance but the question it is given that the expense account has a credit balance that is totally wrong.
Answer:
In which type of economy is a business owner most likely to benefit from free enterprise? (1 point) In a market economy because there is lots of competition and not much take back from the government. This economy is ideal for a free enterprise.
