Answer and Explanation:
The Journal entries are shown below:-
1. Salaries expenses Dr, $1,950
To Salary payable $1,950
(Being salaries expense is recorded)
2. Interest expense Dr, $150
To Interest payable $150
(Being interest expense is recorded)
3. Accounts receivable Dr, $1,600
To Service revenue $1,600
(Being sales revenue is recorded)
Answer:
The correct option is "common-pool resource"
Explanation:
A common-pool resources is described as any resource capable of benefiting a group of people, but can have minimal or diminished benefits to the same group of people if each person pursues self-interest rather than the interest of all. In this case, if there is no limit to borrowing books, the benefit of having the library will not be felt because it will be empty at all times.
Answer:
D. Limited partnership
Explanation:
This is an example of a limited partnership
Answer:
C. relatively small changes in price are required to obtain a relatively large change in quantity demanded.
Explanation:
An elastic demand indicates that relatively small changes in price are required to obtain a relatively large change in quantity demanded.
Answer:
$20 million
Explanation:
The computation of the ending inventory if FIFO is used
= LIFO reserve + Ending inventory based on LIFO inventory
= $3 million + $17 million
= $20 million
We simply added the LIFO reserve and LIFO ending inventory so that FIFO ending inventory can be computed. Hence, we take all the items for the computation part.