1. Does the concept of comparative advantage apply to individuals, countries, or both? Explain.

Alexis Company was started in Year 1. At the end of Year 1 the Company had the following accounting equation.Assets = Liabilitie

swat32

Answer:

Company's assets at the end of Year 2 were provided by creditors = 20%

Explanation:

Calculation of Cash at the end of Year 2

Cash balance at the end of Year 1 $600

Less: Paid off to notes payable ($500)

Add: Earned cash revenue $700

Less: Paid cash expenses ($400)

Less: Paid cash dividend ($100)

Cash balance at the end of Year 2 $300

Notes payable at the end of Year 2 = Beginning balance - Paid off

= $1,000 - $500

= $500

Calculation of Notes Payable at the end of Year 2

Notes Payable at the end of Year 1 $1000

Less: Paid off to notes payable ($500)

Notes Payable at the end of Year 2 $500

Total assets at the end of Year 2 = Cash + Land

= $300+2200

= $2500

Creditors at the end of the Year 2 (Notes payable) = $500

Company's assets at the end of Year 2 were provided by creditors = Creditors * 100 / Total assets

= $500 * 100 / $2500

= 20%

5 0

3 years ago

Why do you think there is wi-fi activity even when you are not actively using network services?

BaLLatris [955]

Always streaming data

8 0

3 years ago

True or false: the process of taking notes about security and security routines is an example of an adversarial surveillance act

HACTEHA [7]

True because they take notes on the security and the routines.

5 0

4 years ago

Identifying Accounts to be Closed From the list that follows, identify the accounts that should be closed to the owner’s capital

kari74 [83]

Answer:

See explanation section

Explanation:

When we need to close accounts, we close the income and expenses accounts. The reason to close those accounts is that those are temporary accounts. Drawings and dividends are also temporary as those accounts have to be settled through capital and retained earnings balance. Therefore,

We will close the entries to income summary are -

D. Depreciation Expense

E. Fees Earned

J. Supplies Expense

L. Wages expense.

The entry to close against a capital account is Drawings. Therefore, Jackie Lindsay, Drawing should be closed.

4 0

3 years ago

Luke sold a building and the land on which the building sits to his brother at fair market value. the fair market value of the b

Effectus [21]

Answer:

(a) $170,000

(b) $80,000

Explanation:

(a) The amount and character of Luke's recognized gain or loss on the building:

= (Fair market value - cost to built) + Depreciation expense

= ($325,000 - $200,000) + $45,000

= $170,000

(b) The amount and character of Luke's recognized gain or loss on Land:

= (Fair market value - Purchasing cost

= (210,000 - 130,000)

= $80,000

7 0

3 years ago