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3 years ago

The word “economy” comes from the Greek word oikonomos, which means

Business

2 answers:

Dvinal [7]3 years ago

8 0

Answer:

Oikonomos, latinized oeconomus or œconomus, was an Ancient Greek word meaning 'household manager. Hope this helps :)

Explanation:

Bad White [126]3 years ago

3 0

it means household manager

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The failure to record a purchase of mer chandise on account even though the goods are properly included in the physical inven to

xeze [42]

Answer: D. an understatement of expenses and an overstatement of owners' equity

Explanation:

If a purchase of merchandise was not recorded, it would mean that Purchases being <u>an expense</u> that contributes to the Cost of Goods sold would be understated.

This understatement would mean that the the Net income is overstated because the purchase expenses were never deducted from it. Net Income is part of owners' equity so if it is overstated, so is owners' equity .

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3 years ago

Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a five-year life and a

lapo4ka [179]

Answer:

$22000 and $50000.

Explanation:

Given: Purchased value of equipment- $72000.

Residual value- $6000

Estimated useful life of equipment- $ 5 years.

Now, finding value of depreciation for 2011 using the sum of the years digits method.

Depreciation cost= $(\textrm{Purchased value - residual value}$

⇒ Depreciation cost= $(72000-6000)= \$ 66000$

∴ Depreciation cost= $66000.

Depreciation fraction for 1st year= $\frac{5}{1+2+3+4+5} = \frac{5}{15}$

Depreciation expense for 1st year= $\frac{5}{15} \times 66000= \$ 22000$

∴ Depreciation for 2011 is $22000.

Next, lets find out the book value at the end of first year.

Book value= $(\textrm{Purchased value - depreciation expense})$

Book value= $(72000 - 22000) = \$ 50000$

∴ Book value at December 2011 is $50000.

8 0

3 years ago

Business fluctuations are systematic increases and decreases in real GDP. Please select the best answer from the choices provide

BlackZzzverrR [31]

From the subject of economics, specifically macroeconomics, it says that the statement above is false. <span>Business cycles, not business fluctuations, are systematic increases and decreases in real GDP. Business fluctuations are called unsystematic changes. </span>

5 0

3 years ago

Read 2 more answers

Treasury bills are currently paying 6 percent and the inflation rate is 3 percent. a. What is the approximate real rate of inter

nexus9112 [7]

Answer: a. 2.90%

b. 2.81%

Explanation:

Nominal rate = 6%

Inflation rate = 3.1%

a. What is the approximate real rate of interest?

The approximate real rate of interest will be calculated as:

= Nominal rate - Inflation rate

= 6.0% - 3.1%

= 2.90%

b. What is the exact real rate?

Exact real rate will be calculated as:

= (nominal-inflation) / (1+inflation)

= (6.0% - 3.1%) / (1 + 3.1%)

= 2.9% / 1.031

= 2.81%

3 0

3 years ago

On January 1, 2018, Plummer Company issued $250,000 of 4%, five-year bonds payable at 102. Plummer Company has extra cash an

Anna [14]

Answer:

1. Carrying amount = $250,000

2. Cash paid to retire bond = $225,000

3. Gain on the retirement = $25,000

Explanation:

1. What is Plummer Company's carrying amount of the bonds payable on the retirement date?

Carrying amount of a bond payable on the retirement date is its par value amount.

Therefore, Plummer Company's carrying amount of the bonds payable on the retirement date is $100 par value for 2,500 units with a total carrying amount of $250,000.

2. How much cash must Plummer Company pay to retire the bondspayable?

Units of bond = $250,000/$100 = 2,500 units.

Since Plummer pays the market price of $90 to retire the bonds, cash amount Plummer Company must pay to retire the bonds payable can be calculated as follows:

Cash paid to retire bonds = 25,000 * $90 = $225,000

3.Compute Plummer Company's gain or loss on the retirement of the bonds payable.

Gain (loss) = Carrying amount - Cash paid on retirement = $250,000 - $225,000 = $25,000

7 0

3 years ago