Harwell Company manufactures automobile tires. On July 15,2024 , the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10,n/30. Harwell uses the net method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on July 23,2024. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and payment on August 15,2024.
Answers
1. Journal Entries for the sale on July 15: Accounts Receivable: $50,000 Sales Revenue: $50,0002. Journal Entries for payment on July 23: Cash: $49,000 Sales Discount: $1,000Accounts Receivable: $50,0003.
Journal Entries for payment on August 15:Cash: $49,000 Accounts Receivable: $50,000 Here is an explanation of the journal entries for the sale and payment with the given terms: Sales of 1,000 tires to the Nixon Car Company were made by the Harwell Company on July 15, 2024, for $50 each.
The terms of the sale were 2/10, n/30. In the net method, a business accounts the revenue net of any sales discounts that are expected to be granted.
This means the Harwell Company will account for the revenue at $49 each tire assuming Nixon Car Company takes the discount.
The company will also provide the full amount of $50 for each tire sold as revenue if Nixon does not take the discount.
The journal entry will be as follows: Accounts Receivable: $50,000 Sales Revenue: $50,000To record the sale of 1,000 tires at $50 each.
The Nixon Car Company must pay for these tires either within ten days of the invoice date or in 30 days without any discount.
As a result, a journal entry will be made if the payment is made by Nixon Car Company on July 23 with a 2% discount: Cash: $49,000 Sales Discount: $1,000 Accounts Receivable: $50,000 To record the receipt of payment on July 23, 2024. ($50,000 x 2% = $1,000 sales discount)
In case the Nixon Car Company does not take advantage of the discount, it will pay the Harwell Company the full amount of $50 per tire, resulting in the following journal entry: Cash: $49,000 Accounts Receivable: $50,000 To record the receipt of payment on August 15, 2024. (No discount taken)
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Related Questions
Compare the sources of consumer credit travel and entertainment credit revolving check credit closed-end credit
Answers
Answer:
The source of consumer credit is credit obtained on services like banking, insurance and travel.
Explanation:
Source of consumer credit are savings, credit union, sales , life insurance and loans etc. Entertainment credit is a state provided naturla pension credit union its controlled by the members. Is a loan or a form of credit, where the fund is dispersed in full when the loan is closed and must be given back.Find the present value of $7,000 to be received one year from now, assuming a 3 percent annual discount interest rate. also calculate the present value if the $7,000 is received after two years
Answers
The present value of $7,000 that will be received in a year, at a discount interest rate of 3% per year, is $6,796.12.
The current value, if the $7,000 is received after two years, is $6,598.17.
What is the rate of annual discount?The rate of return used in a discounted cash flow analysis to calculate the present value of future cash flows is called the annual discount rate. The total of all future cash flows (C) over a holding term (N) is discounted back to the present using a rate of return in an annual discounted cash flow analysis (r).How is the annual discount rate determined?Rate of Discount Formula
First, the present value is divided by the value of a future cash flow (FV) (PV) The amount that remains after the previous step is then increased to the reciprocal of the number of years (n) The discount rate is then calculated by deducting one from the value.
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Cecily just started her very first job she has an entry level position at a large international corporation which of her colleagues would be in the best position to Mentor Cecily
Answers
Answer: D. Daniel, who has worked his way up from entry-level to manager of Cecily's team within the last five years.
Explanation:
Daniel would be in the best position to help her out of all her colleagues because he started from where she started and has now grown to a higher level. He has also been at the company for a long time and knows how things work.
His advice and mentorship woth good intent, will provide Cecily with valuable help in moving forward because she would have a person who has already trodden the path for her and knows what to do and what not to do.
The other options have either not stayed in the job long enough or have stayed in the job for too long to be the best mentors.
Answer:
D. Daniel, who has worked his way up from entry-level to manager of Cecily's team within the last five years.
Explanation:
Distinguish between the sources of information about foreign employment and the ways of getting it.
Answers
Working for a company in another country is referred to as foreign employment, and you usually only work in one country. This wouldn't be your native country .
While the terms "foreign employment" and "international workforce" (people of a different nationality) are sometimes used interchangeably, the term really refers to a multinational corporation expanding outside of its home country and recruiting there.
Employers prefer foreign employment because they cannot find qualified local employees, necessitating the hiring of foreigners to do the job.
The following are some methods for obtaining information about foreign employment:
Newspapers, notice boards, electronic media (radio, FM, television, etc.), websites, and public programs
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The founders are often thought of as a unified group, but they were comprised of men of a wide variety of beliefs about what the role of government should be. Thomas Jefferson and Alexander Hamilton, for example, represented ends of the spectrum in regard to the strength of the federal government.
Thomas Jefferson:
- a member of Virginia's landed, slaveowning elite
-distrusted strong government as hostile to the ideas of liberty
Alexander Hamilton:
- argued for a strong central government with the power to encourage and direct commerce
-came from humble origins in the West Indies, though he married into a prominent New York family
Answers
As stated in the prompt, the founders are considered a unified group, but they had differing opinions on the role of the government. Thomas Jefferson and Alexander Hamilton, in particular, stood for the extremes of the federal government's strength.
Thomas Jefferson was part of Virginia's landed, slave-owning upper class. He believed that powerful governments were hostile to the principles of liberty. Jefferson thought the government should play a minor role in individuals' daily lives. He believed in a minimalist government that would prioritize personal liberties over the expansion of the government. Jefferson favored states' rights and the power of the people.
Alexander Hamilton was in favor of a strong federal government that had the authority to promote and direct trade. Despite his humble beginnings in the West Indies, Hamilton married into a famous New York family. He was a firm believer in a strong government, which he believed would foster economic growth and equality by encouraging free-market competition. Hamilton believed in a centralized government that would lead the country to become a leading industrial nation.
Both Alexander Hamilton and Thomas Jefferson played key roles in America's founding, they had different ideologies in terms of what role the government should play. While Jefferson favored a limited government that gave more power to the states, Hamilton thought a strong central government was essential to the nation's economic prosperity.
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Which of the following defines long-term liabilities? Multiple choice question. Long-term liabilities are debts of a business that are not due to be settled within one year. Long-term liabilities are obligations due to be paid within one year. Long-term liabilities are reported before current liabilities on a classified balance sheet. Long-term liabilities are costs incurred within an accounting period that have uncertain benefits.
Answers
Answer:
Long-term liabilities are debts of a business that are not due to be settled within one year (A) is your answer
Explanation:
your welcome
The correct option is A. Long-term liabilities are debts of a business that are not due to be settled within one year which defines long-term liabilities.
In a part that might include debentures, loans, deferred tax liabilities, and pension obligations, long-term liabilities are listed in the balance sheet following more current liabilities.
What are short liabilities?Legal responsibilities that surface after receiving goods or services are known as short-term liabilities. Short-term liabilities in accounts of the governmental fund type are paid from current, readily available resources. Short-term liabilities in proprietary fund type accounts are debts due in less than a year.
Obligations that are due in more than a year's time, or within the operating cycle of the company if that cycle is longer than a year, are considered long-term liabilities. The length of time needed to convert an organization's inventory into cash is known as its operational cycle.
Thus, A is the best choice. The definition of long-term liabilities is obligations owed by a company that is not due to be paid off within one year.
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Throughout history, the role of government in business has changed. When the constitution was written, what was the federal government's role in business?
Select an answer from the options below
A-issue patents to inventors
B-impose tariffs on imported goods
C-settle disputes between businesses
D-all the above
Answers
Government agencies may assist businesses by offering them advisory, financial, and other services. It can also serve as the public's ally by making and upholding laws pertaining to labor safety, consumer protection, and other issues.
The Constitution grants the government the authority to regulate some businesses, and the U.S. government has been involved in business for as long as the nation has existed. The business community continues to enjoy a great deal of independence even if the role of the government has grown throughout time.
To safeguard the rights of employees, the environment, and businesses' level of power in a highly commercialized society, the U.S. government has put in place a number of business rules. Growth, industrialization, changes in mindset, environmental concerns, and technological advancements all contributed to changes in the government's involvement in business over time.
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quantum mechanics shop sells a bicycle to reniel, a costumer who uses a local card(a national credit card, but not issued by an bank) in recrding this sale the entity should record
Answers
Answer:
the journal entry to record this sale should be:
Dr Accounts receivable X
Dr Credit card fees Y
Cr Sales revenue X+Y
Explanation:
The journal entry to record sales using credit cards issued by banks, e.g. VISA, MasterCard, etc., which pay immediately or almost immediately (the same day or the following day) and manage the payments through the company's bank account:
Dr Cash X
Dr Credit card fees Y
Cr Sales revenue X+Y
Since credit cards not issued by banks (e.g. many American Express cards are issued by American Express itself not by banks) do not pay immediately, a company must record an account receivable, it cannot record cash. In order to collect the payment, the company must submit the credit card receipt to the credit card company and then wait for it to be processed and paid. This may take a few days or even a couple of weeks.
Specialty Products Company has a high turnover rate among its employees, especially those
who are young parents. Solution to this problem
Answers
The company has to first investigate the reason why young parents are leaving the company. This is the first step towards resolving the issues of high turnover.
If it is because of the inability to care for their kids while at work, then the company can solve this problem by:
Turnover in human resources refers to the act of replacing one employee with a new employee. Termination, retirement, death, interagency transfers, and resignations are examples of separations between organizations and personnel.
Turnover in human resources refers to the act of replacing one employee with a new employee. Termination, retirement, death, interagency transfers, and resignations are examples of separations between organizations and personnel.
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what is 1+1 its my homework
Answers
Answer:
2 :D lol
Explanation:
Suppose an investor bought TRANSTAR share at RM40 last month. This month he sold a call option at RM4 with an exercise price of RM50.
Compute his profit when the share price is RM10. Compute his profit when the share price is RM20. Compute his profit when the share price is RM50. Compute his profit when the share price is RM60. Analyse the highest possible profit and lowest possible profit (or loss) based on the computation in (i) to (iv) above. Please do it as soon as possible,thanks!!
Answers
Based on the given scenarios, the highest possible profit is RM6, and the lowest possible profit (or loss) is RM4.
To calculate the investor's profit, we need to consider the different scenarios based on the share price and the call option.
(i) Share price = RM10:
Since the share price is below the exercise price of RM50, the call option will not be exercised.
The investor's profit will be the premium received from selling the call option: RM4.
(ii) Share price = RM20:
Again, the share price is below the exercise price, so the call option will not be exercised.
The investor's profit will still be the premium received from selling the call option: RM4.
(iii) Share price = RM50:
At this price, the share price is equal to the exercise price, so the call option may or may not be exercised. It depends on the investor's decision.
If the call option is not exercised, the investor's profit remains the same: RM4.
If the call option is exercised, the investor will need to sell the shares at the exercise price of RM50, resulting in a profit of RM50 - RM40 (initial purchase price) - RM4 (premium received) = RM6.
(iv) Share price = RM60:
The share price is above the exercise price, so the call option will be exercised.
The investor will need to sell the shares at the exercise price of RM50, resulting in a profit of RM50 - RM40 (initial purchase price) - RM4 (premium received) = RM6.
Analyzing the highest possible profit and lowest possible profit (or loss) based on the computation above:
The highest possible profit occurs when the share price is RM60, resulting in a profit of RM6.
The lowest possible profit (or loss) occurs when the share price is RM10, resulting in a profit of RM4.
In both cases, the investor's loss is limited to the premium received from selling the call option, which is RM4.
Therefore, based on the given scenarios, the highest possible profit is RM6, and the lowest possible profit (or loss) is RM4.
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Which of the following is NOT Considered personal information?
O a) Social Security number
Ob) Date of Bith
Oc) Place of employment
O d) Credit card number
Answers
Answer: NOne of the above. Or C Place of employement
Explanation:
The personal information that does not consider is the place of employment.
The following things should be considered for personal information:
The number of social security.The date of birth.The credit card number.Personal information refers to the information that does not share with anyone as it is safe and secure data that should be kept with the person only.
Therefore we can conclude that the personal information that does not consider is the place of employment.
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Question 9 of 10
If a new source of lumber is found, what is likely to happen to the price of
lumber, and why?
A. The price is likely to increase because demand will increase.
B. The price is likely to increase because costs of production will
increase
C. The price is likely to decrease because demand will decrease.
O D. The price is likely to decrease because supply has increased.
SUBMIT
Answers
Answer:
O D. The price is likely to decrease because supply has increased.
SUBMIT
Explanation:
A new source of lumber will result in an increase in the quantity available for sale. As per the laws of supply and demand, an increase in supply without a corresponding increase in demand leads to reduced prices.
The prevailing market price or equilibrium price is the price at which the current demand matches the current supply. There are no shortages or excesses. An increase in supply creates a surplus in the market. For suppliers to sell the excess lumber supplied, they have to reduce prices to create more demand.
How should you handle questions about past jobs and employers?
(I am being timed)
A)You should give a specific example of how you were mistreated on your last job and why you left.
B)You should take the opportunity to show your knowledge by pointing out what was wrong there.
C)You should be honest, but don't bring up negative issues. If you must, frame it as a lesson learned.
D)You should refuse to answer any questions about previous employers and jobs.
Answers
Answer: B
Explanation:
You should give a specific example of how you were mistreated on your last job and why you left. Therefore option B is correct.
What is Job?The term Jobbe or Worke (1550s), which meant "task, piece of work," gave rise to the word "job," which today is used to refer to a piece of work or anything that needs to be done.
Literary sources indicate that the phrase was first used in 1858 to refer to "a salaried, permanent position of employment." Printers began using the phrase as slang for "piece of work of miscellaneous class" around 1795. (handbills, posters, etc.).
People who have received specialized training for particular occupations are either-
These are manual tasks in the trade. Carpenters, auto mechanics, hairdressers, and bakers are a few examples. Other trades include those for butchers, plumbers, and arborists.
- Profession: A university degree is required for this type of employment. Lawyers, physicians, dentists, architects, librarians, engineers, and pharmacists are a few examples. Teachers, university professors, scientists, physicists, and geologists are all occupations.
Therefore option B is correct.
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A loan of $105,487.80 is to be amortized over a 10-year term at 6% interest compounded monthly with monthly payments and a $20,000 balloon payment at the end of the term. Calculate the monthly payment.
The monthly payment is $
(Do not round until the final answer. Then round to two decimal places as needed.)
Answers
Answer:
$1049.09
Explanation:
The present value of the balloon payment is ...
$20,000/(1 +.06/12)^(12·10)) = $10,992.65
So, the effective amount of the loan is ...
$105,487.80 -10,992.65 = $94,495.15
The amortization formula gives the payment as ...
A = P(r/n)/(1 -(1 +r/n)^(-nt)) = $94,495.15(.06/12)/(1 -(1 +.06/12)^(-12·10))
= $94,495.15(.005)/0.450367 = $1049.09
The monthly payment is $1049.09.
Arrange the following revenues in the federal government, from greatest to
least.
Drag each item to put them in the correct order.
(2 points)
= excise taxes
= Social Security and Medicare taxes
= corporate income taxes
= individual income taxes
= customs duties
= miscellaneous revenue
Answers
Social Security and Medicare taxes
Corporate income taxes
Excise taxes
Custom duties
miscellaneous revenue
In class, Marcus is skilled at picking up main ideas and important details from his teachers' lectures. What is this called?
Answers
Answer:
This would observation, which is something most readers should be able to do
Explanation:
A firm produces goods in a perfect competition market, the price of their product is $74. The company's total cost curve equals TC=110+(2/3)Q^3-4Q^2+50Q. TC is measured in $/month and Q is products/month.
Calculate the firms Fixed Costs, profit-maximizing quantity, and the profit per month.
Answers
If company's total cost curve is "T = 110 + (2/3)Q³ - 4Q² + 50Q", then the firm's fixed cost is $110, profit-maximizing quantity is 6 products per month and profit per month is $34.
To calculate the firm's fixed costs, we need to determine the cost when there is no production (i.e., when Q = 0).
Given the total cost curve: T = 110 + (2/3)Q³ - 4Q² + 50Q
When Q = 0, the total cost is:
T(0) = 110 + (2/3)(0)³ - 4(0)² + 50(0)
= 110 + 0 - 0 + 0
= 110
So, firm's fixed-costs are $110.
To find the profit-maximizing quantity, we find quantity at which marginal cost equals market price in perfectly competitive market.
Marginal Cost (MC) is the derivative of the total cost function with respect to quantity:
MC = dT/dQ = (2/3)(3Q²) - 4(2Q) + 50
= (2Q²) - 8Q + 50
In perfect competition, MC = Price for profit maximization. So we set MC equal to the market price:
(2Q²) - 8Q + 50 = $74
2Q² - 8Q + 50 - $74 = 0
2Q² - 8Q - $24 = 0
Q² - 4Q - $12 = 0
Q = (-(-4) ± √((-4)² - 4(1)(-12))) / (2(1))
= (4 ± √(16 + 48)) / 2
= (4 ± √64) / 2
= (4 ± 8) / 2
Q₁ = (4 + 8) / 2 = 12 / 2 = 6
Q₂ = (4 - 8) / 2 = -4 / 2 = -2
We can discard Q2 as a valid solution, because it is negative.
So, profit-maximizing quantity is 6 products per month.
To calculate the profit per month, we subtract the total cost (T) from the total revenue (TR). The total revenue is calculated by multiplying the market-price (P) by the quantity (Q):
TR = P × Q = $74 × 6 = $444,
Now, we calculate profit (π) using formula:
π = TR - T
π = $444 - T(6)
= $444 - (110 + (2/3)(6)³ - 4(6)² + 50(6))
= $444 - (110 + (2/3)(216) - 4(36) + 300)
= $444 - (110 + 144 - 144 + 300)
= $444 - 410
= $34
Therefore, the profit per month is $34.
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The given question is incomplete, the complete question is
A firm produces goods in a perfect competition market, the price of their product is $74.
The company's total cost curve equals T = 110 + (2/3)Q³ - 4Q² + 50Q.
T is measured in $/month and Q is products/month.
Calculate the firms Fixed Costs, profit-maximizing quantity, and the profit per month.
Hannah deposited a sum of money into a savings account. The interest was 3% per
year. She did not withdraw any of her savings. After 1 year, Hannah had a total of
$2832.50 in the savings account
lol How much did she deposit into the savings account?
How much interest did she receive at the end of the year?
Answers
Hannah deposited $2,700 into the savings account.
To find out how much Hannah deposited into the savings account, let's assume the initial deposit as 'x'. Since the interest rate was 3% per year, the interest earned after one year can be calculated as 0.03x. Adding this interest to the initial deposit gives us the final balance after one year, which is represented by the equation: x + 0.03x = $2,832.50.
Simplifying the equation, we get:
1.03x = $2,832.50
To isolate 'x', we divide both sides of the equation by 1.03:
x = $2,832.50 / 1.03 ≈ $2,750
Therefore, Hannah deposited approximately $2,750 into the savings account.
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Which of the following information is needed when creating an effective budget? (1 point)
Onet income, variable expenses, fixed expenses, and savings
O gross income, variable income, fixed income, and savings
O net income, variable income, fixed income, and savings
O gross income, variable expenses, fixed expenses, and savings
Answers
Information is needed when creating an effective budget is net income, variable expenses, fixed expenses, and savings.
What is net income?Net income refers to the income of an individual or company after deducting expenses, benefits and taxes.
In business, net income is what a business has left over after all expenses, including wages, costs of goods or raw materials, and taxes. For an individual, net income is "take home" money after taxes, health insurance and pension contributions are deducted. Net income should ideally be greater than expenses to demonstrate financial health.
To calculate net income, take gross income - the total amount of money earned - and then subtract expenses such as taxes and interest payments.
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influences of Business environment,
Answers
Factors that Influence the business environment are :
Economic environmentSocial environmentTechnological environmentPolitical environmentLegal environment
The business environment means the total of all the individuals, and institutions that could affect the working of the business firm.
Importance of business environment:
Business environments help the firm to prepare itself for every possible obstruction or hindrance that can affect the functioning of the firm.It also helps the firm to adjust to frequent changes.The economic environment is all the things that create an economic impact on the firm.
The social environment is all the traditions and customs of the society that creates an impact on the firm.
The technological environment is all the impact on the firm caused due to new technology and upgradations.
The political environment is the conditions and behavior that the elected representatives hold toward the business
The legal environment is entirely based on the rules and legislation of the authorities.
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Draw a planned aggregate expenditure curve for an economy where autonomous expenditure is $500 billion and the marginal propensity to consume is equal to 0.75. plot values for actual aggregate expenditure of $0, $200 billion, $400 billion, $600 billion, $800 billion, and $1,000 billion.
Answers
Y (in $ billions) are 0, 100, 200, 300, 400, 500 and AE (in $ bilions)= 500+0.75Y, 500, 575, 650, 725, 800, 875. By plotting this we get the aggregate expenditure line.
We start with a very simplistic model in which there is neither a government sector nor a foreign sector to demonstrate how the aggregate expenditures model functions. The results from this simplified model are then used to create a more realistic model. The simplified economy's equations are simpler to deal with, and we can easily extrapolate the findings of an analysis of a simplified economy to a more realistic one. We make the assumption that there are only two parts to aggregate expenditures: consumption and investment, in order to create a straightforward model. Real gross domestic product and real gross domestic income are interchangeable terms, as we discovered in the chapter on measuring total production and income. Without a government or international industry, gross.
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Question 2(Multiple Choice Worth 5 points)
(02.06 MC)
In general, what kind of people earn the most money?
O People with skills that are in high demand and high in supply
O People with skills that are in high demand but low in supply
O People with skills that are in low demand and low in supply
People with skills that are in low demand but high in supply
Answers
They earn the most money since skills also follow the law of supply and demand, so consumers are willing to pay more due to low supply
what is the poem about "a bird came down the walk"
Answers
Answer:
It is called A bird came down the Walk by Emily Dickinson
Perform online or offline research about possible roles and job descriptions in the sports, entertainment, or recreation marketing industries. Write a short paragraph (about 200 to 500 words) mentioning the jobs available and describing job responsibilities and requisite skills associated with any one job of your choice.
Answers
Answer:
The sports marketing industry offers a wide range of job opportunities. One such job is that of a Sponsorship Account Manager. The Sponsorship Account Manager is responsible for creating, developing and maintaining relationships with sponsors, and ensuring that the company's objectives are met. They work closely with clients to understand their needs and develop effective sponsorship programs that meet those needs. They are also responsible for managing budgets and timelines, negotiating contracts, and ensuring that all deliverables are met.
Requisite skills for this role include excellent communication and interpersonal skills, strong negotiation and contract management abilities, as well as a deep understanding of the sports marketing industry. Candidates should also be able to work well under pressure, manage competing priorities, and be comfortable with using data and analytics to make informed decisions. A Bachelor's degree in Marketing, Business, or a related field is typically required, as well as several years of experience in sponsorship or related fields.
Overall, a Sponsorship Account Manager is a critical role in the sports marketing industry, and one that requires a strong understanding of client needs, excellent communication skills, and the ability to develop effective sponsorship programs that deliver results for both the client and the organization.
Explanation:
Jared is attending college but is also part of the National Guard. On the weekends, he participates in drills or relief work on behalf of the military. Besides knowing that he is serving his country, what other benefit might Jared derive from this arrangement?
A.
Jared stays busy, so he does not get into trouble on the weekends.
B.
Jared does not have to work at a job to support himself.
C.
Jared gets financial assistance with college in exchange for his service.
D.
Jared no longer needs college training.
Answers
Another benefit that Jared derives from being part of the National Guard is that C. Jared gets financial assistance with college in exchange for his service.
How is the National Guard beneficial to members ?There are several benefits that one gets from being part of the National Guard. One of them is the benefit to students. State-by-state benefits for students differ, but many of them waive tuition for members of the National Guard. Additionally, if you serve in the National Guard and are federally activated, such as during a deployment, you will start to receive the same G.I. Bill benefits as active military soldiers.
You will get paid while receiving training from the Army National Guard in a skill that is useful in the civilian market. Infantry may not be very useful to the civilian world, but positions in mechanics, medicine, or telecommunications most certainly are. Jared therefore is likely to receive the benefit of getting financial assistance for attending college.
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Match the tasks with the professionals who would complete them.
Answers
Videographer: use editing softwares, discuss filming techniques
Network administrator: train users how to use the system, determine ways to make the system more effective
Hope this helps!
Answer:
Explanation:
1,3 and 2,4 and 5,6 and thats it
QUESTION: Identify an example of the change in relative prices of two products.
pls help T o T
Answers
Answer: First lets start off with relative change. Relative changes shows the change of a value of an indicator in the first period and in percentage terms, ext. Relative change is calculated by subtracting the value of the indicator in the first period from the value of the indicator in the second period which is then divided by the value of the indicator in the first period and the result is taken out in percentage terms. The formula for relative change is very simple, and it is derived by initially deducting the initial value of the variable from the final value, then dividing the result by the initial value, and then finally multiplying by 100% to express in terms of percentage. Also
Explanation:
A small example in relative prices is In apple season, apples cost half as much as oranges. In orange season, oranges cost half as much as apples. Also to understand better, either market forces or government intervention, the relative price of goods and services does impact the allocation of resources used to produce these goods and services. A relative price is the price of one good compared to another. Resource allocation addresses how land, capital, and labor are spent in the production of goods and services. Since we went over that relative price is the price of something compared to something else. In other words, it is the ratio of two prices. Completely logical people will make purchasing decisions by considering the relative prices of their options. We can conclude that gas is $2.76 compared to the $3.02 of diesel . Now the gas is $0.26 cents cheaper than diesel. This is caused by the price to refine diesel compared to gas. Now that we have two simple example to show the basis of relative prices, you can clearly see the mean and definition of relative prices through the examples shown!
Which statement best explains why interest rates are impprtant when saving money? A lower interest rate allows someone's debt to grow more quickly The higher the interest rate the more cost to save money in a bank The higher the interest rate helps someone's money grow larger over time The lower the interest rate, the less it costs tk save money in a bank
Answers
Answer:
The higher the interest rate helps someone's money grow larger over time
Explanation:
Interest rate is the percentage earned by depositors on their deposit. For example, if a person save $200. If the interest rate is 10%, the person earns $20 on her deposit.
The higher the interest rate, the higher the growth in deposit.
For example if a bank offers a compound interest of 10% on deposit and another bank offers a compound interest of 20% on deposit. If $200 is deposited, after 3 years, the total amount that would be had in each bank is
$200 x (1.1)^3 = $266.20
$200 x (1.2)^3 = $345.60
It can be seen that the amount after 3 years is higher at the bank with the higher interest rate
T/f the internet marketplace is free of most forms of traditional sales tax.
Answers
False. The statement is false. The internet marketplace is not free of most forms of traditional sales tax. While there may be variations in tax regulations depending on the jurisdiction, many countries impose sales tax or value-added tax (VAT) on online purchases.
The application of taxes to online transactions has evolved over time, and governments have taken steps to ensure that online retailers are subject to similar tax obligations as traditional brick-and-mortar businesses. In some cases, specific laws have been introduced to address the taxation of digital goods and services. Additionally, international efforts have been made to establish frameworks for taxing cross-border e-commerce transactions. Therefore, it is important for both consumers and businesses to understand and comply with the relevant tax regulations in their respective jurisdictions when engaging in online commerce.
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