Answer:
Command
Explanation:
In the command economic model, the government determines the level of economic productions in the country. It decides what will be produced, its quantity, and the cost price. A central authority or the government owns all the factors of production.
The command economy is also the planned economy. The government plans and produces all goods and services. The private sector is not present in the command economy.
Answer:
cannot sue John for the extra $250 asJohn made the promise to him based on past consideration.
Explanation:
When Gerald was helping John build the garage, there was no agreement between them on payment for services. After the two weeks John made the promise to pay Gerald.
This is not a binding promise as John is paying Gerald at his own discretion as a past consideration, since no contract was agreed between them.
Companies can implement global marketing by developing a product and promotional strategy that can be implemented worldwide. Global marketing involves the process of devising and conveying a product worldwide with the principal aim of reaching the international marketing community.
Answer:
Required Reserves
Explanation:
Fractional banking is a banking system where a portion of customer's deposits is kept as reserves while remaining portion is lent out. The amount kept as reserves is determined by the required reserve ratio set by the Central bank.
Reserves is the total amount of a bank's deposit that is not given out as loans
Reserves = Deposits - outstanding loans
$100,000 - $70,000 = $30,000
there are 2 types of reserves
1. Required reserves is the percentage of deposits required of banks to keep as reserves by the central bank
Required reserves = reserve requirement x deposits
0.2 x $100,000 = $20,000
2. Excess reserves is the difference between reserves and required reserves
$30,000 - $20,000 = $10,000
Answer:
Explanation:
The journal entries are shown below:
(a) a $415 credit balance before the adjustment.
Bad debt expense A/c Dr $685
To Allowance for Doubtful Accounts $685
(Being bad debt expense recorded)
Since the allowance for doubtful debts have a credit balance so this amount will be deducted. The computation is shown below?:
= (Outstanding accounts receivable × uncollectible rate) - credit balance
= ($55,000 × 2%) - $415
= $1,100 - $415
= $685
(b) a $291 debit balance before the adjustment.
Bad debt expense A/c Dr $1,391
To Allowance for Doubtful Accounts $1,391
(Being bad debt expense recorded)
Since the allowance for doubtful debts have a debit balance so this amount will be added. The computation is shown below?:
= (Outstanding accounts receivable × uncollectible rate) + debit balance
= ($55,000 × 2%) + $291
= $1,100 -+$291
= $1,391
