Please I need help with this exercise, I'm struggling so hard!
Based on this table from week 1 (Table2 attached).
-During the second week of business, the following transactions, all through the business bank account as appropriate, took place:
i. On 8 October M paid by cheque a quarter of the money owing on her payables account.
ii. On 11 October M paid by cheque £600 for two weeks’ rent for her business premises.
iii. On 11 October M paid by cheque £250 for two weeks’ insurance.
iv. By the end of the day on the 14 October (i.e. after two weeks of trade), M had made sales for £4,000. Fifty per cent of the sales had been in cash and the rest on credit. M had sold all her inventory after these two weeks of trade.
Using the new template below, demonstrate how the transactions in the second week will affect the expanded accounting equation (Assets = Capital + (Income – Cost of Sales – Expenses) + Liabilities. Your answer should include a summary total for each of the Assets, Capital, and Liabilities at the beginning of the second week, i.e. from your answer to part (a), as well as at the end of the same week.
(Template attached as TableToFollow).
Thank you sooo much!
Answers
A demonstration of how the transactions in the second week will affect the expanded accounting equation is as follows:
Assets = Capital + (Income – Cost of Sales – Expenses) + Liabilities
Balance from
Week 1 £16,430 = £14,930 + £1,500
1. -375 -375
2. -600 £ -600
3. -250 -250
4. 4,000 £4,000
4. -1,500 £1,500
Bal. £17,705 = £14,930 + £4,000 - £1,500 - £850 + £1,125
Bal. £17,705 = £16,580 + £1,125
What is the accounting equation?The accounting equation is a statement that assets are always equal to capital or equity plus liabilities, given each business transaction.
Also known as the balance sheet equation, the accounting equation is the basis for the double-entry system of accounting.
Transaction Analysis:1. Accounts Payable £375 Bank £375
2. Rent Expense £600 Bank £600
3. Insurance Expense £250 Bank £250
4. Cash £2,000 Accounts Receivable £2,000 Sales Revenue £4,000
4. Cost of goods sold £1,500 Inventory £1,500
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Related Questions
Private bargaining would be ineffective in a situation where:
Select one:
a. Property ownership is clearly defined
b. there are large number of affected parties
c. Bargaining costs are negligible
d. firms fear being sued
e. The number of people involved is small
Answers
Private bargaining would be ineffective in a situation where there is a large number of affected parties. Thus, option 'B' is the correct option.
What is Private bargaining?Private bargaining refers to a conversation between two private parties regarding what to do when one side is contributing to NE that is harming the other party.
According to the Coase Theorem, where there is a dispute between property rights, the parties concerned can bargain or negotiate terms that fully represent the actual costs and underlying values of the relevant property rights, leading to the most efficient conclusion.
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If 100 people in a town of 1,000 people are unemployed, the unemployment rate is 25%.
True
False
Answers
FALSE the unemployment rate of the town is not 25%
It is 10%
Given
Unemployed people= 100
Total labor force = 1000
And,
Unemployment Rate = Unemployed / Civilian Labor Force
Therefore,
Unemployment Rate= 100/1000*100
Unemployment Rate= 10%
Thus unemployed rate is not 25%
What is Unemployment Rate?
The proportion of unemployed people in the labor force is known as the unemployment rate. As a result, figuring out who is employed is necessary for calculating the unemployment rate. People who either are working or jobless make up the labor force.
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Settlement discount granted to creditworthy customers with a record of paying within terms in ifrs 15
Answers
Settlement discount is a disc-ount for prompt payment of invoice by the cust-omer. Let's say you sell some-thing for 1 000 on 30 day credit and you offer 3 % off if a cust-omer pays with in 10 days. Those 3% – or 30 in this case – is a settle-ment discount.
Both IFRS and ASPE account for discounts in a similar man-ner: discounts should be netted from Revenue amo-unts. They are not consi-dered Expenses, and should not be included in that cate-gory. So when we calc-ulate our Revenue figure, we should always deduct any sales disc-ount from this figure.
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To resize a whole image and keep the scale or aspect ratio, what is the correct procedure?
Use the drag option on the sides of the image.
Use the crop function and drag the sides to the desired effect.
Use the drag option on the corners of the image.
Use the crop function and drag the corners to the desired effect.
Answers
To resize a whole image and keep the scale or aspect ratio, the correct procedure is : C. Use the drag option on the corners of the image.
What is image resize?Image resize can be defined as the process of changing an image size from the current size the image was into another size.
To change an image size and to keep the scale ratio of the image the best thing to do is to make use of the drag option and this drag option can be found at the corners of the image and then use the drag option to resize the image to any size of your choice.
Therefore the correct option is C.
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Answer:c
Explanation:
PLEASE HURRY
1. What are the 3 parts of the Federal Reserve?
2. How many Board of Governors are there?
3. How many District/Reserve Banks are there?
4. Which Reserve Bank President always gets a vote with the FOMC (hint: which city)?
5. How many votes are there in the FOMC, the group that takes action on the nation's money supply?
6. What is the long term goal of the Federal Reserve (hint: discussed at the research department)
7. How do banks get money so that it can be lended out to businesses and consumers?
Answers
The Federal Reserve Banks
The Federal Open Market Committee
2. 7
3. 12
4. New York
5. 12
6. Maximum employment
Stable prices
Moderate long-term interest rates
7. Taking out loans from depositors and paying them back with a set interest rate
Why is it important to remove any emotional feelings when composing an e-mail? Explain using support from the chapter.
Answers
The removal of emotional feelings would be helpful because you woul be able to communicate your thoughts better and also use the language that is more appropriate in your speech.
Why a person has to write a mail in the best wayMisunderstandings, strained relationships, and subpar business decisions may result from this. We should be conscious that emails can have a "tone" given that many of us must communicate via email and text. People will recall an email's emotional tone more clearly and for a longer period of time than its actual content.
Never send an email while feeling particularly emotional. Take a deep breath, then send it. Better yet, pick up the phone and have a straightforward conversation.
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Give me 6 reasons why Tesco should emerge in the UAE
Answers
The organization appears to have an urgent need to expand into the UAE market. UAE, however, has its own distinctive characteristics that appear to be extremely dissimilar from Tesco's conventional markets.
Tesco should emerge in the UAE ?The newest Tesco operation to launch is in the United Arab Emirates, where Choithrams has inked a contract to become the country's sole retailer authorized to offer the complete range of Tesco-branded goods. According to Craven, the Tesco product line is one of the largest on the planet, with around 45,000 items in total.
Effective supplier management: Tesco, a global retailer, collaborates with a variety of suppliers from nations with diverse cultures. Tesco was able to provide outstanding shopping experiences and high-quality items by effectively managing its suppliers.
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Make-or-Buy Decision
Somerset Computer Company has been purchasing carrying cases for its portable computers at a purchase price of $59 per unit. The company, which is currently
operating below full capacity, charges factory overhead to production at the rate of 43% of direct labor cost. The unit costs to produce comparable carrying cases are
expected to be as follows:
Direct materials
Direct labor
Factory overhead (43% of direct labor)
Total cost per unit
If Somerset Computer Company manufactures the carrying cases, fixed factory overhead costs will not increase and variable factory overhead costs associated with the
cases are expected to be 13% of the direct labor costs.
a. Prepare a differential analysis dated April 30 to determine whether the company should make (Alternative 1) or buy (Alternative 2) the carrying case. If required,
round your answers to two decimal places. If an amount is zero, enter "0".
Differential Analysis
Make Carrying Case (Alt. 1) or Buy Carrying Case (Alt. 2)
April 30
Unit costs:
$25
16
6.88
$47.88
Purchase price
Direct materials
Direct labor
Variable factory overhead
Fixed factory overhead
Buy
Make
Carrying
Carrying
Case
Case
(Alternative 1) (Alternative 2)
0000
100000
Differential
Effects
(Alternative 2)
Answers
Make-or-Buy Decision Making the Carrying cases would Be advised, assuming there were no better alternatives for using the extra capacity. Fixed overhead has no Impact on this choice of net income.
Alternative 1:
A. Create a carry case. $41.00
Alternative 2:
Obtain a carrying case $44.00
Alternative 2:
Various effects on net income ($3.00)
Make-or-Buy Decision:
A. Building a Differential Analysis
Differential analysis
Create a carry case. Obtain a carrying case
Alternative 1 & Alternative 2
Alternative 1 Alternative 2 Various effects on net income (Alternative 2)
Sales price
$0.00 $0.00 $0.00
Purchase Price
$0.00 $40.00 ($40.00)
Direct materials
$16.00 $0.00 $16.00
Direct labor
$20.00 $0.00 $20.00
varying manufacturing costs (20*5%=$1.00)
$1.00 $0.00 $1.00
Fixed manufacturing ($5.00-$1.00) $4.00 $4.00 $0.00
Income(Loss)
$41.00 $44.00 ($3.00)
The Company should select Alternative 1, a carrying case, based on net income the aforementioned computation.
The amount earned by an individual or business after costs, allowances, and taxes is referred to as net income.
Therefore, it would Be advised to construct the Carrying cases if there were no better alternative applications for the extra capacity. fixed overhead has No impact on this choice.
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kyle is an insured who disregarded an accident and health insurance policy provision that requires him to seek a second surgical opinion. what will the end result be
Answers
The end result would be that he may be reimbursed for the surgical procedure at a reduced benefit level.
Patients are required to seek a second medical opinion after a doctor has advised them to undergo non-emergency or elective surgery, according to the second surgical provision opinion rule. Programs may be optional or required in that participants will not receive full reimbursement if they do not get the second opinion.
The provisions that deal with the policyholder's obligations include demands that they report a claim to the insurer within 20 days of a loss, provide evidence of the size of that loss, and update beneficiary information when things change.
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8. The Russian rouble (RUB) traded at RUB 29.00/US$ on 2nd January 2009. On 11th December 2010, its value had fallen to RUB 31.45/US$. What was the percentage change in its value?
Answers
The percentage change in the value of the Russian rouble is -8.44%.
What is the percentage change?Exchange rate is the rate at which one unit of one currency would buy another currency. In this question, $1 would be 29 RUB on 2nd January 2009. Between 2009 and 2010, the Russian rouble has depreciated against the dollar because more RUB can be bought with the same unit of dollar.
Percentage is the rate of an amount expressed as a number out of 100, The sign that represents percentage is %.
Percentage change in value = -(value in 2010 / value in 2009) - 1
-(31.45 / 29) - 1 = -0.08448 = -8.44%
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A committee created for a specific short-term purpose is called a(n)
Group of answer choices
Answers
A committee created for a specific short-term purpose is called a(n) task force
What is a committee?Generally, A committee is a collection of individuals chosen from a wider group to carry out a certain task. Governments, businesses, educational institutions, and political and religious groups all organize committees.
Task forces are the greatest option for the response. A task force is assembled to address a problem or clarify a complicated subject. It is not intended to endure forever. Instead, after completing its job, it will be dismantled.
A standing committee, incidentally, is one that has an endless lifespan. An ad hoc committee is one that is formed on short notice, perhaps to handle a particular problem or to fulfill an ongoing need.
An organic structure is one that develops spontaneously, as opposed to being deliberately created.
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CQ
A committee created for a specific short-term purpose is called a(n) __________.
a. task force
b. standing committee
c. ad hoc committee
d. informal group
e. organic structure
Kali's the transaction broker for seller Joshua. Joshua is buying a house in St. Louis from
Norman, who's represented by his agent, Marc. To whom does Kali owe fiduciary duties
in this transaction?
Joshua
Marc
No one
Norman
G
Answers
Kali owe fiduciary duties in this transaction to no one.
What are fiduciary duties?
A fiduciary duty involves actions taken in the best interests of another person or entity. Fiduciary duty describes the relationship between an attorney and a client or a guardian and a ward. Fiduciary duties include duty of care, loyalty, good faith, confidentiality, prudence, and disclosure.
It has been successfully argued that an employee may have a fiduciary duty of loyalty to an employer.
Fiduciary duty is one of the highest and most respected obligations. Fiduciaries are paid to work. However, they are also tasked with the responsibility of being the eyes and ears of their client, working to secure the client’s desired outcomes without any promise of additional compensation for doing so.
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In what way the implemented policies of reflects the model if sustainable evelopment
Answers
For implemented policies reflects the model of sustainable development when these policies met the necessary prerequisites to achieve balance between economic growth, social inclusion, and environmental protection. Then and only then will can it reflect the model of sustainable development.
As explained above, there are 3 primary pillars vital to the sustainable development model. The first and perhaps most discussed is economic growth for obvious reasons of providing for oneself and one's own family. This is the driving force of past development models. As global warming occurs, and the rapid deterioration of the environment, as well as massive global disasters in the past hundred years; people became increasingly aware of the dangers of not coexisting with nature and other creatures, will only result in their demise or worse.
Social inclusion, the necessity to include everyone to partake in the effort to get together and pursue sustainable development so that everyone could benefit. At this point, people realized that trying to save the environment and prevent global disasters require not just a handful of people, but the entire population of the planet. Social inclusion aims to educate and help others be aware of the dangers, working together to solve the crisis facing humanity, should there be no changes in the way the population of the planet consumes products, food, and create dangerous waste.
From then on, environmental protection became critical in saving the planet's ever-dwindling resources, wildlife from extinction, and damaging the environment from toxic products and wastes. The necessity to protect the planet from over-harvesting, over-exertion of humanity's capacity over the planet's other wildlife and ecosystems, and to preserve what's left for future generations; became the number one priority of nations around the world as scientists sound the alarm on the approaching yet preventable apocalypse.
In essence, the future is no longer just about exhausting non-renewable resources, piling up the planet with pollution, and leaving poorer countries to fend for themselves. Instead, the whole idea of the model of sustainable development relies on every single person to do their bid and help create sustainable development that would be able to support economic growth, yet controlling the amount of waste and finding means of creating less harm for the planet, and minimizing the environmental impacts in the hope of nurturing nature to be able to support flourishing wildlife once again; all of which would help future generations to survive and flourish.
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Which economy allows very little say for individuals and businesses?
Answers
Socialist Economy allows very little say for individuals and businesses.
What is Socialist Economy ?
In Socialism, the society, or the government, owns the means of production, and no one is allowed to own private property in excess of a specified amount. As a result, it is government that makes use of these resources for social welfare.
According to Samuelson, “Socialism refers to the government ownership of the means of production, planning by the government and income distribution”.
Main Characteristics of the Socialist Economy:
Collective Ownership: In socialism, the society, or the government, owns the means of production, and no one is allowed to own private property in excess of a set amount. As a result, it is government that makes use of these resources for social welfare.Economic, social, and political equality: Rich and poor are nearly equally distributed under socialism. There is no issue with class conflict.Economic Planning: In a socialist society, the government sets specific goals. Economic planning is a strategy used by the government to accomplish these goals. In the economic planning, several decisions are made pertaining to an economy's main issues. The economy is planned for by the Central Planning Authority.No Competition: There is no fierce competition, in contrast to a capitalist system. As the state is the only business owner, it indicates a lack of competition.The Government's Beneficial Role: In socialism, the government has a big say in how things are decided. Therefore, economic operations like distribution, exchange, consumption, investment, and foreign trade are completely under the jurisdiction of the government.To know more about Socialist Economy refer
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Ramon took out a car loan with an interest rate of 10 percent and paid $100 in loan application fees. What term describes the amount of interest Ramon will pay?
Answers
Why?
The interest rate is 10% of 100. Meaning that
10% = 0.10
0.10 x 100 = 10
So Ramon will have to pay back the $100, plus another $10
Answer:
APR
Explanation:
Correct on Odyssey
Identify the basic internal control guidelines which should be in place to protect a business's cash by selecting the correct answers below.
a. Bills should be paid immediately
b. Handling cash is separate from recordkeeping of cash.
c. Excess cash should be left in the bank to maintain liquidity.
d. Cash payments are made by check.
e. Cash receipts are promptly deposited in a bank
Answers
The basic internal control guidelines should be in place to protect a business's cash by selecting the Cash receipts that are promptly deposited in a bank.
When an entity receives money from a consumer, investor, or bank, among other external sources, it records the transaction as a cash receipt. This cash is often recorded when a consumer sends money to reduce the balance of accounts receivable created by a sale transaction.
Businesses can run in a variety of ways, some of which offer goods and services on credit (expecting payment in full later) and others of which demand immediate payment in full upon the sale of an item or service (cash sale). The customer must hand over cash or a check to the company in exchange for the good or service they received, regardless of the form of the sales transaction.
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If you wanted to ensure that you were able to receive the lowest premium rate for your homeowner's insurance, which of the following would not help your rate?
Answers
Answer: swimming pool
Explanation:
Answer:
Here are some ways to save on car insurance1
Increase your deductible.
Check for discounts you qualify for.
Compare auto insurance quotes.
Maintain a good driving record.
Participate in a safe driving program.
Take a defensive driving course.
Explore payment options.
Improve your credit score.
More items...
Explanation:
you have Rs.42180.53 in a brokerage account,And you plan to deposits An additional Rs 5000 at the end of every future year until your account totals Rs 250000.you expect to earn 12% annually on the account . how many years will it take to reach your goal?
Answers
It will take 15 years 10 months to reach the goal.
An ordi-nary annuity is an annuity in whi-ch the cash flows, or pay-ments, occur at the end of the period.
Solution :
The Fixed depo-sits are in the form of an ordinary annuity.
The Fut-ure Value of this Ordinary Ann-uity must be $207,819.47 ($250,000 - $42,180.53)
Thus find num-ber of years that the fixed dep-osits would amount to $207,819.47.
Using a Fina-ncial Calculator enter the follow-ing data to calculate the period, N.
PMT = $5,000
P/yr = 1
r = 12 %
FV = $207,819.47
N = ?
Thus the number of years, N it takes to to reach your goal is 15.7921 or 15 years 10 months.
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Imagine you are an entrepreneur in a market economy. You want to connect with potential customers who would benefit from your unique product. What is an example of a unique product in a market economy? What is the role of voluntary exchange, economic utility, and specialization in the transactions you hope to establish to sell this product? Explain each concept and its role.
Answers
The role of voluntary exchange in the transaction is to allow for the free exchange of goods or services.
The role of economic utility in the transaction is that consumer satisfaction with a product drives additional sales.
What is the best way to explain Market Economy and Voluntary Exchange?
A market economy is one that is based on capitalism, that is, one in which goods and services are freely exchanged on an open market. The value of the outputs is mostly determined by market interaction between producers and consumers, which is referred to as voluntary exchange. This brings us to one of the most important principles of a market economy: the principle of voluntary exchange.
The Voluntary Exchange Principle in economics is based on consumers and producers acting in their own self-interest; that is, a voluntary exchange between a consumer and a producer makes both parties better off than they were before the exchange.
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ime Left:3:59:00
Sylvia Puzon: Attempt 1
Question 1 (1 point)
The decision maker's interests, values, and similar personal preferences are important
when engaging in the _________ step of the rational decision-making model.
analyzing the alternatives
defining the problem
identifying the decision criteria
weighing the evidence
Answers
When engaging in the analyzing the alternatives step of the rational decision-making model. A decision-making model defines how a group will make decisions. The most critical aspect of successful decision-making is that every team member understands how a specific decision will be made.
The four decision-making models differ in terms of how experienced or driven a decision maker is to make a choice (rational, bounded rationality, intuitive, and creative). Choosing the analyzing strategy will increase your productivity and capacity to perform all P-O-L-C functions. A vote or consensus on a course of action would be far more suitable. Use the Consult technique to make effective, educated conclusions while also gathering ideas and support without delaying decision making.
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What do you think were the major equity issues faced by health care workers during the pandemic?
Answers
Answer:
f
Explanation:f
Hope this works
Vulcan, Inc., has 7.3 percent coupon bonds on the market that have 7 years left to maturity. The bonds make annual payments and have a par value of $1,000. If the YTM on these bonds is 9.3 percent, what is the current bond price?
Answers
The current bond price of Vulcan Inc. given the coupon payments and par value is $900.35.
What is the current bond price?The current bond price can be found by discounting the coupon payments of the bond and the par value of the bond with the yield to maturity of the bond.
Coupon payments = percent coupon x par price
7.3% x 1000
0.073 x 1000 = $73
Current price of the bond = 73 / (1.093) + 73 / (1.093²) + 73 / (1.093³) + 73 / (1.093^4) + 73 / (1.093^5) + 73 / (1.093^6) + 73 / (1.093^7) + 1000 / (1.093^7) = $900.35
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Disadvantages of gap maps with example
Answers
One of the most significant disadvantages of conducting a gap analysis or map is the loss of time and money. Typically, an organization will hire a consultant to conduct the assessment; however, participation takes valuable time away from project participants.
What is a gap analysis or map?A gap analysis is a method of evaluating a business unit's performance to determine whether or not business requirements or targets are being met and, if not, what steps should be taken to meet them.
A gap analysis is also known as a needs analysis, a needs assessment or a need-gap analysis. Performing a skills gap analysis may increase your costs. This is due to the fact that employees frequently stop or interrupt their productivity while participating.
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An agent open house can be especially significant for a property that?
a. Has just had the price reduced.
b. Is in an area where few homes are for sale.
c. Has unusual features or amenities.
d. Is overpriced.
Answers
c) Features or amenities that are unique.
Which facilities are essential?
Amenities include things like a clubhouse, swimming pools, a gym, and so on. that make apartments more appealing to renters. They contribute an extraordinary arrangement to the delight and happiness regarding the inhabitants/homebuyers.
What are seven-star amenities?
Seven-star hotels have the following distinctive features: a private check-in, a private luxury limousine, rare and discrete opulent decorations, a personal butler, an unshared pool, and possibly other luxuries that will linger in the customer's memory forever. Private transfers are also available to all guests at seven-star hotels.
What are the three most important features?
A toilet, personal washing facilities, or cooking facilities are considered basic amenities.
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Which of the following processes could be considered an acceptable method for generating ideas?
a. Conducting consumer research
b. Brainstorming within the firm
c. Researching competitors' products and services
d. Communicating with a firm's R&D department
Answers
The process by which an innovation's use spreads throughout a market group over time and among various categories of adopters is known as diffusion of innovation.
Typically, when businesses decide to develop new products, the process is lengthy and divided into stages?
There are four stages in a product's life cycle: introduction, growth, maturity, and decline. A product is just an idea, and in today's business world, it won't get any further unless it goes through research and development (R&D) and is found to be possible and potentially profitable.
Even though it varies by industry, it can be roughly divided into six stages: costing, sourcing, ideation, research, planning, prototyping, and sourcing. What to think about at each stage as you develop your own original product idea can be found here.
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Can I get the answer and explanation to attached question please?
Answers
The value of the holdings of Megahurtz International Car Rentals at year end is CA$176,923.08
The value of the holdings if the real went up against the dollar is $266, 667. 67.
How to find the value of the holdings?The exchange rate before the real declined was:
= 270,000 / 200, 000
= 1.35 real per dollar
The new exchange rate after the Real declined was:
= 1.35 x 1.3
= 1.755 Real per dollar
The value of the holdings at year end in Real will therefore be:
= 270, 000 x 1.15
= 310, 500 Real
In Canadian dollar this is:
= 310, 500 / 1.755
= CA$176,923.08
The new exchange rate as a result of the Real increasing in value is:
= 1.35 x (1 - 16% increase in value)
= 1.134 Real per dollar
The value of the holdings at year end would therefore be:
= 270,000 x (1 + 12% earning)
= 302, 400 Reals
In Canadian Dollar this is:
= 302, 400 / 1.134
= CA$266, 666. 67
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During lunch, the director of the Streets and Parkways Department of City made the following comment: “For the past 10 years, I have deliberately overstated my labor and equipment needs by 20 percent when preparing my budget request. I figure that the city council will cut it by 10 percent, and I can use the other 10 percent as slack. If there is money left over, I can always find a way to spend it.” Do you consider this behavior to be ethical? If not, what steps might you, as budget director, take to cut down on this “padding”?
Answers
The behavior is unethical as the overstatement in the figures is wrong.
What is an ethical behavior?Honesty, fairness, and equity in interpersonal, professional, and academic relationships, as well as research and scholarly activities, are characteristics of ethical behavior. Individuals and groups of people's dignity, diversity, and rights are all respected in ethical behavior.
Obedience to company rules, effective communication, taking responsibility, accountability, professionalism, trust, and mutual respect for coworkers.
In this case, for the past 10 years, the director deliberately overstated the labor and equipment needs by 20 percent when preparing the budget request. This is unethical.
In order to cut down the padding, there should be a final review on the budget before it's submitted for approval.
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which of the following accounts will be closed by debiting the income summary account
Answers
Among the given accounts, the one that will be closed by debiting the income summary account is the Depreciation Expense. The Option A is correct.
What is an Income Summary Account?In accounting, an Income Summary Account refers to a temporary account used as part of the closing process. Before closing to retained earnings, the account should have a balance equivalent to the net income of the company for the period.
In this account, the net amount transferred into the income summary account equals the net profit or net loss that the business incurred during the period. So, shifting the revenue out of the income statement means debiting the revenue account for the total amount of revenue recorded in the period and crediting the income summary account.
Missing options "A. Depreciation Expense b. Accounts Payable c. Service Revenue d. Accumulated Depreciation
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Suppose that a per unit tax of $10.25 were imposed on buyers in this market. This tax would result in
Answers
A tax paid by sellers shifts the supply curve, whereas a tax paid by buyers shifts the demand curve. The outcome is the same no matter who pays the tax.
Consumers pay more when a good is taxed, sellers get paid less, and there are fewer transactions overall. Sales tax is levied and collected by state governments on consumer purchases of products.
Tax incidence is the division of the tax liability between buyers and sellers. The tax incidence is determined by the relative price elasticity of supply and demand. The consumer bears the brunt of the tax burden when supply is more elastic than demand.
The demand curve shifts to the right if there is an increase in the quantity that consumers want to buy at a particular price. The demand curve will shift to the left whenever there is a change that reduces the amount that consumers want to buy at a particular price.
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Robin Hood was an excellent archer and was the owner of Straight Shot Archery, Incorporated. The Merryman Annual Archery Tournament was taking place in three months. Little John wanted to compete in the tournament, however, he wanted to improve his skills with the bow and arrow and decided he was going to take a few lessons at Straight Shot Archery. Robin agreed to provide Little John 15 lessons for $2,500 beginning on June 1. On May 25, Little John realized that he would not have enough money, so he transferred his right under the agreement to Sheriff Nottingham, who had never used a bow or arrow before. Sheriff Nottingham notifies Robin that the contract had been assigned to him and demands that Robin Hood provide him with the lessons for $2,500.
Is Robin Hood required to perform on the contract? Assume that Robin Hood agreed to the assignment of providing lessons to Sheriff Nottingham and then fails to perform on the contract. Sheriff Nottingham sued Robin Hood for damages. Is Robin Hood liable on the contract?
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In this scenario, Robin Hood agreed to provide 15 archery lessons to Little John for $2,500 beginning on June 1. However, before the lessons began, Little John assigned his right under the agreement to Sheriff Nottingham.
What is the story of Robin Hood's archery?According to legend, Robin of Locksley is taking part in an archery competition where the winner will receive a golden arrow. The final shot from his rival finds the target. Taking a step forward for his final shot, Robin also strikes the bulls-eye, splitting the other player's arrow that was already on the target.
Generally speaking, the assignment of a contract involves the transfer of one party's rights and obligations under the contract to another party. If the contract allows for assignment, and the assignment is valid, the assignee (in this case, Sheriff Nottingham) steps into the shoes of the original party (Little John) and assumes all of their rights and obligations under the contract.
Therefore, if the contract between Robin Hood and Little John allowed for assignment, and Little John's assignment to Sheriff Nottingham was valid, then Sheriff Nottingham would have the right to receive the 15 archery lessons in exchange for the $2,500 payment.
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