Answer:
socialist economy
Explanation:
A planned economy is a system where the government or the central authority makes all major economic decisions. The government decides on the type and quantities of goods to produce and for whom to produce. In the planned economy, factors of production belong to the government. Manufacture of goods and services is motivated by service to the community, not profits.
A socialist economy is a good example of a planned economy. Just like in a planned economy, a socialist economy is characterized by heavy government involvement. The state controls the factors of production. Public service is the reason for economic production, while consumers do not have the liberty to choose products.
Answer:
This error will decrease Howard's inventory by $6,000
Explanation:
Howard's inventory should include:
inventory on hand + goods purchased FOB shipping point + goods sold FOB destination point.
FOB shipping point means that the title of the goods is passed at the moment that they leave the seller's warehouse. FOB destination point means that the title of the goods is passed only after they have been delivered to the buyer's warehouse.
In this case, Howard purchased goods as FOB shipping point, so that means they should have been included in their inventory. Since they weren't, this error will decrease its inventory by $6,000.
Answer: e. Airline O has less lease assets at the inception of the lease
Explanation:
With operating leases, the entity leasing the asset or the lessee, does not get the rights to ownership of the asset being leased but instead simply pay a fee or sort of rent for leasing the asset.
With a finance lease however, ownership is passed to the lessee for the lease period and the lessee would have to depreciate the asset and record it in its books.
Airline O will therefore not record any assets but Airline F will. This means that Airline F will have more assets than O because it had to record its assets but O did not.
<u>Solution:</u>
The price per variable unit is set at 1.5 times the cost; the VC / unit is estimated at $2.50.
Price = 2.5 * 2.50 = $6.25
Variable cost = $2.50
Fixed cost = $220,000
Break-Even Volume = Fixed cost / (Price - Variable cost)
= $220.000 / (6.25 - 2.50)
Break-Even Volume = 58,667 units
Answer:
$23,000
Explanation:
Before recording the journal entry, first we have to determine the pension expense amount which is shown below:
Pension expense = service cost + interest cost - expected return on plan assets
= $18,000 + $5,000 - $10,000
= $13,000
Now the journal entry would be
Pension expense A/c Dr $13,000
Plan asset A/c Dr $10,000
To PBO A/c $23,000
(Being the annual pension cost is recorded)
All other information which is given is not relevant. Hence, ignored it
