a corporation began the year with $3,500 of supplies on hand and recorded as assets. on the last day of the accounting period, there are $1,100 of unused office supplies on hand. what should the accountant do?
Answers
A corporation that starts the year with $3,500 worth of supplies on hand, which are recorded as assets, is expected to ensure that they maintain proper and accurate records of any changes in the supplies' value.
The last day of the accounting period shows that there is $1,100 of unused office supplies on hand, which means that $2,400 worth of supplies have been used, which is ($3,500 - $1,100).Since the supplies on hand are recorded as assets, the $2,400 spent on supplies is debited to Supplies Expense, a temporary account that will be closed at the end of the period.
The accountant must prepare an adjusting entry at the end of the period to account for the decrease in the supplies' value. This entry is a debit to the Supplies Expense account and a credit to the Supplies account.The objective of making an adjusting entry is to record the supplies' proper amount that has been consumed during the period in the correct expense account and adjust the balance sheet account to its correct balance. An adjusting entry is made for the amount of supplies used to reflect the proper balance of the supplies account on the balance sheet and the appropriate amount of expense on the income statement.
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You have been hired as the new controller for the Radiance Company. Shortly after joining the company in 2024, you discover the following errors related to the 2022 and 2023 financial statements: a. Inventory at December 31,2022 , was understated by $6,000b. Inventory at December 31,2023 , was overstated by$9,000c. On December 31,2023 , inventory was purchased for $3,000. The company did not record the purchase until the inventory was paid for early in 2024. At that time, the purchase was recorded by a debit to purchases and a credit to cash.
Answers
These errors need to be corrected to ensure the accuracy of the financial statements. An adjustment of $6,000 needs to be made to increase the inventory balance at the end of 2022, an adjustment of $9,000 needs to be made to decrease the inventory balance at the end of 2023, and a journal entry needs to be made to record the inventory purchase of $3,000 in 2023.
Here's a step-by-step explanation to address the errors you've mentioned:
1. Inventory at December 31, 2022, was understated by $6,000:
To correct this error, you need to increase the inventory balance at December 31, 2022, by $6,000. This will also require an adjustment to the retained earnings balance for 2022.
2. Inventory at December 31, 2023, was overstated by $9,000:
To correct this error, you need to decrease the inventory balance at December 31, 2023, by $9,000. This will also require an adjustment to the retained earnings balance for 2023.
3. Inventory purchased for $3,000 on December 31, 2023, was not recorded until paid for in 2024:
To correct this error, you need to record the inventory purchase in the 2023 financial statements. You should debit inventory and credit accounts payable for $3,000 on December 31, 2023. Then, when the payment is made in 2024, you should debit accounts payable and credit cash for $3,000.
By following these steps, you can correct the errors related to the 2022 and 2023 financial statements for the Radiance Company.
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Maxine and her friend Alice share a love of listening to music from England. They spend
plenty of sleepovers listening to their favorite bands and are always sharing new songs or
artists with each other.
One day, Alice excitedly tells Maxine her dad bought her tickets to a huge music festival in
England where some of their favorite bands will play. Plus, she has a ticket for Maxine, and
Alice's dad said he'll cover half of Maxine's airfare. The other half is only $412. Maxine feels
like this is a once-in-a-lifetime opportunity. Should Maxine use her emergency fund to take this super rare opportunity? Explain your reasoning.
Answers
Based on the given information Maxine should not use her emergency fund to take this super rare opportunity as it is intended to use in an unforeseen situation.
What is an emergency fund?
An emergency fund is said to be savings that an individual intended do in order to meet challenges that are not predictable and unforeseen for them.
An emergency fund shouldn't be used for a planned vacation or other predictable expenses; rather, it should only be used in the event of an unexpected event. You don't have to deprive yourself of small comforts in life.
In the given case, the music concert is not an unforeseen event is a planned vacation so the emergency fund should not be utilized.
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The demand for skilled workers in the United States has been increasing. To increase the supply of skilled workers, many argue that immigration reform to allow more skilled labor into the United States is needed. Explain whether you agree or disagree.
Answers
Answer:
I disagree
Explanation:
I disagree. There are many unemployed individuals in the United States already. There is no need to look towards other countries for skilled workers. Instead I believe that there should be more outreach training programs to teach these unemployed individuals. This would decrease the unemployment rate and fill the demand for skilled workers. If the skills required are college based skills, then I think the best course of action is making Universities free. Other countries such as Argentina have done so and output a large supply of highly skilled individuals because of it.
reviewers are largely supportive of the increased push to have people pre order video games
A- true
B- false
Answers
Answer:
False
Explanation:
Reviewers resist the pre-order movement because it circumvents their role in the marketing process.
A car has a base price of $23,800.00. Options cost $356.00, $785.00, and $900.00 for stereo, wheels and paint. Destination charges are $640.00. The dealer pays 82% of the base price and 75% of the options. Determine the sticker price.
$25,000.00
$23,800.00
$26,481.00
$25,841.00
Answers
The sticker price of the car is $26,481.00 based on the component costs provided
What is the sticker price of the car?
The sticker price of the car comprises the retail price, the cost of options as well as the destination charges, which is also referred to as the cost for economy mileage, bearing in mind that sticker price is the price of car written on a sticker and affixed to a car.
The sticker price=base price+cost of stereo+cost of wheels+cost of paint+destination charges
base price= $23,800.00
cost of stereo=$356.00
cost of wheels=$785.00
cost of paint=$900.00
destination charges=$640
sticker price=$23,800.00+$356.0+$785.00+$900+$640.00
sticker price=$ 26,481.00
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What negative consequences might a company face if they failed to keep accurate financial records
Answers
Answer:
Taxes
Explanation: a negative consequence you may face is paying more taxes than what is called for, you have you pay it otherwise tax fraud is a thing. Not only that but when tax return comes around you won't get paid the full amount. Hope this helps.
Determine the characteristic for each market segment. This segment contains a common element that unifies its members. This segment contains an element that separates it from other segments. This segment is based on the response of members with a certain outlook. distinction arrowRight homogeneity arrowRight reaction
Answers
Answer:
Market segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action. Market segmentation enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another.
KEY TAKEAWAYS
Market segmentation seeks to identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group.
Markets can be segmented in several ways such as geographically, demographically, or behaviorally.
Market segmentation helps companies minimize risk by figuring out which products are the most likely to earn a share of a target market and the best ways to market and deliver those products to the market.
With risk minimized and clarity about the marketing and delivery of a product heightened, a company can then focus its resources on efforts likely to be the most profitable.
Explanation: I was Just taking a test on this
Answer:
Got this correct on the Test.
Explanation:
distinction--->this segment contains an element that separates it from other segments.
homogeneity--->this segment contains a common element that unifies its members.
reaction--->this segment is based on the response of members with a certain outlook.
How much is a standard tip?
•10-15 percent
•15-20 percent
•20-25 percent
•25-30 percent
Answers
after issuing its 2020 financial statements (a.k.a., the books are closed), a company discovered that its 2020 beginning inventory was overstated by $170,000 (ending inventory is correct). what is the journal entry to correct this error?
Answers
The journal entry to correct the error of overstating the beginning inventory by $170,000 would be as follows: Dr. Cost of Goods Sold $170,000 Cr. Inventory $170,000
This entry will reduce the inventory by $170,000, which was overstated, and increase the cost of goods sold by the same amount. This will result in a decrease in net income by $170,000. Since the financial statements for 2020 have already been issued, the company will need to issue a restatement of its financial statements to reflect this correction, since the overstatement of beginning inventory caused a corresponding understatement of cost of goods sold and, therefore, an overstatement of net income.
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What size of recruiting pool helps an organization select those who will perform well?
Small - this way interviewers can take more time to get to know the applicant
Large - this way the company has a larger and more diverse group to choose from
Answers
The size of recruiting pool helps an organization select those who will perform well large this way the company has a larger and more diverse group to choose from, option B is correct.
When it comes to selecting employees who will perform well, a larger recruiting pool generally leads to better outcomes. A larger pool provides more opportunities for diversity, which is essential for building a strong, innovative team.
Additionally, a larger pool allows for a broader range of skills, experiences, and backgrounds to be considered, increasing the chances of finding a good match for the job. A large pool also allows for better comparison between candidates, providing more data points to make an informed decision, option B is correct.
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The correct question is:
What size of recruiting pool helps an organization select those who will perform well?
A) Small - this way interviewers can take more time to get to know the applicant
B) Large - this way the company has a larger and more diverse group to choose from
Newly industrialized countries (NICs) differ from less-developed countries in that NICs:
Select one:
a. include Canada, the United States, and Germany.
b. attract insignificant or no foreign investment.
c. have per capita incomes that are lower than other developing countries.
d. have moved away from restrictive trade practices and instituted significant free market reforms.
e. have shown slow industrialization and expansion of targeted industries.
Answers
Newly industrialized countries (NICs) differ from less-developed countries in that NICs: have moved away from restrictive trade practices and instituted significant free market reforms. The correct option is d.
Newly industrialized countries (NICs) are a group of countries that have experienced rapid industrialization and economic growth, transitioning from primarily agrarian economies to more industrialized and export-oriented economies.
NICs are characterized by their successful implementation of free market reforms and a shift away from restrictive trade practices.
Unlike less-developed countries, NICs have implemented policies that promote economic liberalization, such as reducing trade barriers, deregulating industries, attracting foreign direct investment, and fostering a competitive business environment.
These countries have embraced globalization and opened up their economies to international trade and investment.
By adopting market-oriented policies, NICs have been able to attract foreign investment, stimulate industrial growth, and increase their competitiveness in the global market. They have experienced significant improvements in per capita income and standards of living compared to less-developed countries.
Therefore, the main difference between NICs and less-developed countries lies in the adoption of free market reforms and the move away from restrictive trade practices, which have contributed to their industrialization and economic success. The correct option is d.
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A defense-side criminal law paralegal is working on a research task for their supervising attorney. They locate the relevant statute under which the defendant was charged in Page's Ohio Revised Code Annotated. They notice that the statute was recently revised. The date on which the defendant was accused of committing the crime is two years in the past. What resource is the best resource for the paralegal to consult to locate the older version of the statute that was in effect at the time when the defendant was accused of committing a crime?
A. Public Laws
B. Session Laws
C. A newspaper story chronicling the defendant's arrest
D. Slip Laws
Answers
The best resource for the paralegal to consult in order to locate the older version of the statute that was in effect at the time when the defendant was accused of committing a crime is B. Session Laws.
Session Laws, also known as session statutes, are official publications that document the laws enacted by a legislative body during a specific legislative session. They provide a chronological record of the statutes passed during that session, including any revisions or amendments made to existing laws. By consulting the session laws corresponding to the relevant time period, the paralegal can find the specific version of the statute that was applicable when the alleged crime occurred.
Other resources mentioned in the options, such as public laws and slip laws, may also provide relevant information, but session laws are specifically designed to capture the complete legislative history and are commonly used to research older versions of statutes. Newspaper stories, while potentially useful for background information, are unlikely to provide the authoritative and comprehensive details needed for legal research in this context.
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The best resource for the paralegal to consult in order to locate the older version of the statute that was in effect at the time when the defendant was accused of committing a crime is B. Session Laws.
Attorney Session Laws, also known as session statutes, are official publications that document the laws enacted by a legislative body during a specific legislative session. They provide a chronological record of the statutes passed during that session, including any revisions or amendments made to existing laws. By consulting the session laws corresponding to the relevant time period, the paralegal can find the specific version of the statute that was applicable when the alleged crime occurred.
Other resources mentioned in the options, such as public laws and slip laws, may also provide relevant information, but session laws are specifically designed to capture the complete legislative history and are commonly used to research older versions of statutes. Newspaper stories, while potentially useful for background information, are unlikely to provide the authoritative and comprehensive details needed for legal research in this context.
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Gus receives a paycheck at the end of every week. Which reinforcement schedule is this?.
Answers
Fixed-interval schedule, Gus gets paid every week at the end of the workweek.
What is reinforcement schedule?
A "reinforcement schedule" is essentially a guideline that specifies which behaviors will be rewarded. Fixed-Ratio, Fixed Interval, Variable-Ratio, and Variable-Interval schedules are among the four categories.
Reinforcement becomes accessible according to a fixed-interval schedule after a predetermined amount of time.
This schedule results in higher response levels at the end of the interval but lower response levels just after the reinforcer is given.
As a result, in this case reinforcement schedule is fixed interval schedule.
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Technology: _____________
a. is another term for entrepreneurial ability.
b. is a physical resource.
c. is a manufactured product used to produce other goods and services.
d. improves the productivity of all factors.
Answers
Answer: Your answer is d. improves the productivity of all factors.
Hope this helps!
What is savings?, How can you save in a bank? And why is it important?
Answers
Explanation:
Savings are the money one has saved, especially through a bank or official scheme.
You can save in a bank by frequently depositing money into a bank account.
Savings are important for the availability of money during emergencies or to avoid going into debt to pay for your necessities.
which revenue model? make high-margin, high-cost products affordable by having the customer rent rather than buy them. buy-to-rent negative operating cycle leasing microtransactions
Answers
The revenue model that can make high-margin, high-cost products affordable for customers is a subscription-based revenue model. By offering a rental option instead of a buy option, customers can access expensive products at a more affordable cost.
This model allows for a positive operating cycle and can also include microtransactions. However, it is important to consider the high cost of these products and ensure that the rental fee is still profitable. Negative operating cycles can occur if rental fees do not cover the cost of the product and maintenance. Therefore, careful consideration of pricing and customer demand is necessary for success. This approach allows customers to experience the benefits of the product without the need for a large upfront investment. The company offering the product benefits from a steady stream of revenue through recurring payments.
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An insurance policyholder must pay a _______________ for each ______________ service, before insurance covers the rest.
Answers
Answer: the answer is copayment, uninsured.
Explanation: please give brainliest
Maxwell Agricultural Inc. is a farm implement manufacturing company. It distributes shares of stock to its employees by placing the stock in a trust managed on the employees' behalf. What is Maxwell Agricultural using in this scenario
Answers
When the agricultural company distributes its shares of stock to its employees, the scenario is known as Employee Stock Ownership Plan.
Employee Stock Ownership Plan is an example of benefit plan for the employee because the company gives its employees ownership interest in the company.
The action for the Employee Stock Ownership Plan is to motivates, retain and rewarding its employeesIn conclusion, when company distributes its shares of stock to its employees, the scenario is known as Employee Stock Ownership Plan.
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Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT?
Answers
All of the following, with the exception of conditions, are required.
Describe insurance.One party will agree to compensate another in the event of a certain loss, damage, or injury in exchange for a fee in order to safeguard oneself from financial loss. It is a risk management technique that is typically used to guard against the danger of a hypothetical loss that may or may not materialise.
An underwriter, insurer, firm, or carrier is a company that provides insurance. A person or organisation that obtains insurance is known as a policyholder, whereas a person or organisation that the policy protects is known as an insured.
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In cell q6, enter a formula to determine the average total cost based on the payment method type in cell p6. Use absolute references where necessary to copy the formula through cell q9
Answers
The formula in cell Q6 to determine the average total cost based on the payment method type in cell P6 is: =AVERAGEIF($P$6:$P$9,Q6,$B$6:$B$9).
To calculate the average total cost based on the payment method type in cell P6, we can use the AVERAGEIF function in Excel. This function allows us to calculate the average of a range of values based on specified criteria.
The formula in cell Q6 would be:
=AVERAGEIF($P$6:$P$9,Q6,$B$6:$B$9)
Let's break down the formula:
- $P$6:$P$9 represents the range of cells that contains the payment method types.
- Q6 is the current cell where the formula is entered, which contains the payment method type for which we want to calculate the average total cost.
- $B$6:$B$9 represents the range of cells that contains the corresponding total costs.
By using the AVERAGEIF function, the formula looks for cells in the range $P$6:$P$9 that match the payment method type in cell Q6. It then calculates the average of the corresponding total costs from the range $B$6:$B$9.
To copy the formula through cell Q9 while maintaining the correct references, we can use absolute references for the ranges $P$6:$P$9 and $B$6:$B$9. The dollar signs ($) before the column and row references ensure that the references do not change when the formula is copied to other cells.
By copying the formula from Q6 to Q9, the formula will adjust accordingly to calculate the average total cost based on the payment method type in each corresponding cell P6 to P9.
Remember to adjust the cell references accordingly if the actual range of data is different.
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The formula to determine the average total cost based on the payment method in cell P6 can be entered into cell Q6 using the AVERAGE function and absolute references.
This formula can be replicated down to cell Q9.
Explanation:To determine the average total cost based on the payment method in cell P6 for other cells up to Q9, you need to use the AVERAGE function in combination with absolute references. This application falls under excel function usage which is a part of Computers and Technology.
Here is a step-by-step guideline:
Click on cell Q6 where you want to enter the formula.Type the equals sign (=).Enter the AVERAGE function followed by an open parenthesis.Click on; or type the name of cell P6.Add the '$' sign before columns and rows to create an absolute reference. The formula should now look like =AVERAGE($P$6).Close the parenthesis to complete the formula.Press enter to finalize the formula.To copy the formula down to Q9, select cell Q6, click on the bottom right corner of the cell, and drag it down to cell Q9.Learn more about Excel Formulas here:https://brainly.com/question/34105509
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Amiri, who belongs to the Maori tribe, aspires to be a deputy sheriff in Upper Elm County. Amiri sports a small moko tattoo across his cheeks and nose as a symbol of his heritage. Per the dress code, however, sheriffs are not allowed to have any visible tattoos. Amiri is told that he will need to remove his tattoo before he can apply to be a deputy sheriff. Which of the following will hold true in this scenario?
a. Amiri will prevail in a national origin discrimination claim under Title VII of the Civil Rights Act of 1964 because his tattoo honors his heritage.
b. Upper Elm County can defend itself against Amiri's claim if it can be shown that the tattoo overlaps with his religion.
c. Upper Elm County can defend itself against Amiri's claim because a dress code is permissible under Title VII of the Civil Rights Act of 1964.
d. Amiri will prevail in a national origin discrimination claim if he uses the bona fide occupational qualification defense to show that his tattoo does not disrupt the dress code.
Answers
The following will hold true in this scenario Upper Elm County can defend itself against Amiri's claim if it can be shown that the tattoo overlaps with his religion.
What is religion?Religion is commonly defined as a social-cultural system of specified behaviors and practices, morals, beliefs, worldviews, texts, sanctified places, prophecies, ethics, or organizations that generally relate humanity to supernatural, transcendental, and spiritual elements; however, there is no scholarly agreement on what precisely constitutes a religion.
Amiri's accusation can be refuted by Upper Elm County because Title VII of the Civil Rights Act of 1964 permits dress codes. The Maori tribe member Amiri wants to work as a deputy sheriff in Upper Elm County.
Therefore, Thus option (B) is correct.
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How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
A construction crew has been tasked with removing the foundation of an old building, as well as the old
electrical wiring and gas lines buried underneath the site where a new building will be built. What process are
they engaging in?
O excavation
O site investigation
demolition
O grading
Noyt
Submit
Answers
Answer:
excavation
Explanation:
" a construction crew has been tasked with removing "
the data analysis procedure that focuses on analyzing what items are bought during a single shopping occasion is called
Answers
The data analysis procedure that focuses on analyzing what items are bought during a single shopping occasion is commonly referred to as "market basket analysis" or "transactional analysis."
Market basket analysis is a technique used to uncover associations and patterns in consumer purchasing behavior by examining the combinations of products that customers tend to buy together in a single transaction. It is often used in retail and e-commerce industries to understand customer preferences, optimize product placement, and make recommendations for cross-selling or upselling. Transactional analysis is a psychoanalytic theory and therapeutic approach developed by Eric Berne. It focuses on understanding and improving communication and relationships. The theory proposes that people have three ego states—Parent, Adult, and Child—and interactions occur through transactions. Transactional analysis aims to identify and analyze these transactions to uncover patterns, roles, and dynamics within relationships. It provides tools to recognize and modify unhealthy patterns, enabling individuals to improve their communication skills, develop self-awareness, and enhance interpersonal relationships. Transactional analysis has applications in counseling, coaching, and organizational development, promoting personal growth, and fostering healthier interactions and emotional well-being.
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You noticed a mistake: Your own records do not match the bank statement you just received.
Which option describes the steps you should take to solve this situation? Check all that apply.
Answers
You noticed a mistake that own records do not match the bank statement you just received. The steps need to take to solve this situation are:
Check my records first to see if the mistake is mineCall the bank after making sure my records are correctWhy should our bank statement be error free?Having an error-free bank statement is crucial for several reasons. Firstly, it ensures that the financial transactions are accurately recorded and that the balances and transactions reported on the statement are correct. This is important for individuals and businesses to maintain an accurate record of their financial activities, and to identify any discrepancies or fraudulent activities.
Secondly, an error-free bank statement can help to prevent overdrafts, insufficient funds, and other financial penalties that may result from inaccurate or missing transactions. Finally, a correct bank statement provides a clear picture of an individual's financial health and helps in making informed financial decisions.
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From the manager's perspective,it is required that the bookstore system allows the manager not only to carry out the duties of other staff members but also to perform additional manager-specific operations. For example,the manager needs to have the ability of selecting certain books from the book list and changing their prices if they are overstock in the inventory or out-of-print in the market. (a(30 Modify the use case diagram shown in the figure to create an updated use case diagram with the added requirement for manager. hint: Name the new use case of changing book prices to Change BookPrice (b(30 Write a fully dressed description for theChange BookPriceuse case. note: A 25% penalty applies to hand-drawn use case diagram and hand-written use case description.
Answers
a) Add the "Change BookPrice" use case to the existing use case diagram to represent the manager's ability to modify book prices.
b) "Change BookPrice" is a use case where the manager selects specific books from the inventory and changes their prices based on overstock or out-of-print conditions.
a) To update the use case diagram, the "Change BookPrice" use case needs to be added to represent the manager's ability to modify book prices. This new use case should be connected to the manager actor and linked to the existing "Manage Inventory" use case.
b) "Change BookPrice" is a fully dressed use case that describes the detailed steps and interactions involved in the process. It starts when the manager logs into the bookstore system and accesses the inventory management functionality
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which of the following statements is not correct regarding in-stock probability? multiple choice in-stock probability is greater than the critical ratio when expected profit is maximized. in-stock probability is a measure of customer service. in-stock probability is equal to the critical ratio when expected profit is maximized. in-stock probability has a value between 0 and 1.
Answers
The statement that is not correct regarding in-stock probability is: "In-stock probability is equal to the critical ratio when expected profit is maximized." In-stock probability and the critical ratio are two separate concepts in inventory management.
In-stock probability is a measure of customer service and represents the likelihood of having a product in stock when a customer demands it. It is indeed a measure between 0 and 1, where 0 indicates no probability of being in stock and 1 indicates certainty of being in stock.
The critical ratio, on the other hand, is a ratio used to determine the optimal inventory level. It is calculated by dividing the expected time period demand by the lead time demand. The critical ratio helps in determining the reorder point to avoid stockouts.
The correct statement regarding in-stock probability is: "In-stock probability is greater than the critical ratio when expected profit is maximized." This means that in order to maximize expected profit, it is desirable to have a higher in-stock probability than the critical ratio, ensuring a higher level of customer service by minimizing stockouts.
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In the country there is time of high inflation and the company would like to increase their cost of goods sold in order not to pay high taxes. 2 Points) The company would apply the First in first out method of inventory valuation as to increase ending inventory and thus increase the net operating income thus increasing profit to be taxable. The company would apply the Last in first out method of inventory valuation as to lower ending inventor and thus lower the net operating income thus lowering profit to be taxable. The company would apply the First in first out method of inventory valuation as to lower ending inventor and thus lower the net operating income thus lowering profit to be taxable.
Answers
In the country where there is time of high inflation and the company would like to increase their cost of goods sold in order not to pay high taxes.
The company would apply the Last in first out method of inventory valuation as to lower ending inventor and thus lower the net operating income thus lowering profit to be taxable. How the company will adjust its inventory valuation methods will depend on the tax law that governs its area. The companies that are faced with high inflation rates often use the LIFO method as it provides them with a tax shield. In times of high inflation, the cost of goods sold is high, and this increases the company's taxable income. LIFO allows the company to reduce its taxable income by increasing the cost of goods sold. Since the costs are higher, the company will be able to claim a higher deduction on its tax returns, thereby lowering the amount of taxes paid.
In conclusion, the main answer is that the company would apply the Last in first out method of inventory valuation as to lower ending inventor and thus lower the net operating income thus lowering profit to be taxable. This answer more than 100 words explains that the companies that are faced with high inflation rates often use the LIFO method as it provides them with a tax shield. LIFO allows the company to reduce its taxable income by increasing the cost of goods sold. This way, the company will be able to claim a higher deduction on its tax returns, thereby lowering the amount of taxes paid.
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When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _______.
Answers
I did this before
If anyone can please help asap
Answers
Answer:
1. Negative externality: Jeff declined to buy his favorite chocolate bar because the price has increased.
2. Dollar vote: increased neighborhood crime is caused by a pawn shop.
3. Public goods: a freeway is available for all to use.
4. Positive externality: public education in the United States results in benefits for others around the world.
Explanation:
1. Negative externality: Jeff declined to buy his favorite chocolate bar because the price has increased. A negative externality arises when the production or consumption of a finished product or service has negative impact (cost) on a third party.
2. Dollar vote: increased neighborhood crime is caused by a pawn shop. A dollar vote describes how the consumer's purchasing power influences the type (quantity) of goods to be produced and supplied to the market.
3. Public goods: a freeway is available for all to use. It refers to any goods that is accessible and available to the general public at all times without an additional fee, charges or cost.
4. Positive externality: public education in the United States results in benefits for others around the world. A positive externality arises when the production or consumption of a finished product or service has a significant impact or benefits to a third party that isn't directly involved in the transaction.