What is the primary force that determines what a firm buys and sells? The law of supply and demand. A firm will buy and sell items that they are in need of and what their consumers are in need of. The firm will base the items they carry on the demand of consumers wanting them and likewise, the demand of an item from a consumer will lead to a business having a supply of it.
Answer:
Explanation:
The stockholder's equity statement is composed of common stock and retained earnings. The ending balance shown in the attached spreadsheet, after modification.
The Ending balance of earnings retained = Starting balance of earnings retained + net income - dividend paid
And, Ending balance of common stock = Starting balance of common stock + issued stock
The preparation of the stockholders ' equity statement for the year ended December 31, 20Y7 is provided in the spreadsheet. The attachment below is:
Answer:
Accounting Cost = $100,000
Economic Cost = $114,000
Explanation:
The computation of accounting and economic cost is shown below:-
Accounting Cost = Salary of Jill + Labor costs + Insurance and mortgage payment
= $30,000 + $60,000 + $10,000
= $100,000
Economic Cost = Accounting Cost + Investment return lost + Loss in Salary ($50,000 - $30,000) + Loss in Rent ($20,000 - $10,000)
= $100,000 + $4,000 + $10,000
= $114,000
Answer:
Singapore has granted a preferential tariff.
Explanation:
A preferential tariff is a tariff that favors or gives preferential treatment to the imports from a country over another country. This kind of tariff exists between countries that have entered Free Trade Agreements (FTA) with each other.
Thus, when imports from FTA partner countries arrive, tariffs are totally eliminated or issued at a lower cost. This gives the FTA partner country an advantage of selling their products for less (without incurring huge costs).
Answer:
The adjusting entry that should be recorded at the end of the accounting period:
Debit Unearned revenue $500
Credit Revenue $500
Explanation:
Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.
Bobcat Boards and Skis received $800 in advance for future services to be performed. At the end of the month, $300 worth of services were still owed to the customer.
The value of services were performed = $800 - $300 = $500.
The adjusting entry:
Debit Unearned revenue $500
Credit Revenue $500
