Question
In: Economics
1. The first bitcoin transaction was conducted on January 12th 2009. In its early days, the...
1. The first bitcoin transaction was conducted on January 12th 2009. In its early days, the value of bitcoins were practically zero (In March 2010, a user auctioned 10,000 bitcoins for a total of $50 but no buyer was found.) By December 17th, 2017, the price of bitcoin has reached an all-time high of $19,783. As of today (March 12, 2019), its price is $3,858.
a. In what ways is bitcoin similar to a Ponzi scheme?
b. In what ways is bitcoin different?
Solutions
Rahul Sunny answered 12 hours agoRelated Solutions
On January 1,2016, Retro issued its common stock for $575,000. Early in January, Retro made the...
On January 1,2016, Retro issued its common stock for $575,000.
Early in January, Retro made the following cash payments:
a. $200,000 for equipment
b. $324,000 for inventory (nine cars at
$36,000 each)
c. $24,000 for 2016 rent on a store
building
In February, Retro purchased four cars for inventory on
account. Cost of this inventory was $192,000 ($48,000 each).
Before year-end, Retro
paid $115,200 of this debt. The company uses the first-in,
first-out (FIFO) method to account for inventory. During...
a company sets up a petty cash fund of $200 on January 1, 2009 on January...
a company sets up a petty cash fund of $200 on January 1, 2009
on January 31, 2009, they decide to replenish the fund. They note
that the petty cashier has $13.75 in cash on hand at January 31 and
receipts as follows:
Expense 1: $17.00, Expense 2: $167,
Expense 3: $89.50, Expense 4: $24.00
assuming all expenses are considered legitimate, record the
establishment of the petty cash fund and then record the
replenishment at the end of the month.
From mid-2003 to early 2009, Apple charged $0.99 for every song on its US iTunes website....
From mid-2003 to early 2009, Apple charged $0.99 for every song
on its US iTunes website. In April of 2009, Apple revised their
pricing strategy: $0.69 for older songs, $0.99 for most new songs
and $1.29 for the most popular tracks.
In June 2015, Apple introduced a streaming audio service, Apple
Music, for $9.99 per month. This service competes with traditional
music download models.
Before Apple changed their pricing, they collected data from a
number of focus group consisting of...
From mid-2003 to early 2009, Apple charged $0.99 for every song on its US iTunes website....
From mid-2003 to early 2009, Apple charged $0.99 for every song
on its US iTunes website. In April of 2009, Apple revised their
pricing strategy: $0.69 for older songs, $0.99 for most new songs
and $1.29 for the most popular tracks.
In June 2015, Apple introduced a streaming audio service, Apple
Music, for $9.99 per month. This service competes with traditional
music download models.
Before Apple changed their pricing, they collected data from a
number of focus group consisting of...
1. A study conducted in March 2009 found that about half of U.S. adults trusted the...
1. A study conducted in March 2009 found that about half of U.S.
adults trusted the U.S. government more than U.S. business to solve
the economic problems of the United States. However, when the
population is subdivided by political party affiliation, the
results are very different. The study showed that 72% of Democrats
trusted the government more, but only 29% of Republicans trusted
the government more. Suppose that you are in charge of updating the
study. You will take a...
Early in January 2020, Hopkins plc is preparing for a meeting with its bankers to discuss...
Early in January 2020, Hopkins plc is preparing for a meeting
with its bankers to discuss a loan request. Its bookkeeper provided
the following accounts and balances at December 31, 2019.
Debit Credit
Inventory £ 65,300
Accounts Receivable (net) 38,500
Cash 75,000
Equipment (net) 84,000
Patents 15,000
Notes and Accounts Payable £
52,000
Notes Payable (due 2021)
75,000
Share Capital—Ordinary 100,000
Retained Earnings 50,800
277,800 277,800
Except for the following items, Hopkins has recorded...
According to Real Clear Politics’s poll conducted in the first half of January 2015, 32% of...
According to Real Clear Politics’s poll conducted in the first
half of January 2015, 32% of respondents say that the country is
going to the right direction while 58% of them say the country is
on the wrong track, while the rest have no opinion. a. Of 30
respondents, find the expected number of respondents without
opinion. b. Of 70 respondents, find the standard deviation of the
number of respondents saying the country is going to the right
direction. c....
1. A company purchased equipment for $60,000 on January 1 of its first year. The equipment’s original...
1.
A company purchased equipment for $60,000 on January
1 of its first year. The equipment’s original estimated useful life
is 8 years and its estimated salvage value is $12,000. The company
uses the straight-line method of depreciation. On December 31 of
its fourth year, before year-end adjusting entries have been
recorded, the company decides to extend the estimated useful life 3
years giving it a total life of 11 years. The company did not
change the salvage value and continues...
On January 1, 2018, the Moody Company entered into a transaction for 100% of the outstanding...
On January 1, 2018, the Moody Company entered into a transaction
for 100% of the outstanding common stock of Osorio Company. To
acquire these shares, Moody issued $400 in long-term liabilities
and also issued 40 shares of common stock having a par value of $1
per share but a fair value of $10 per share. Moody paid $20 to
lawyers, accountants, and brokers for assistance in bringing about
this acquisition. Another $15 was paid in connection with stock
issuance costs....
At the beginning of its first year of operations on January 1, 2019, Blue Company’s accounts...
At the beginning of its first year of operations on January 1,
2019, Blue Company’s accounts show the following.
Mohammed
160,000 SR
Ali
80,000 SR
Khalid
50,000 SR
The net income or net loss for 2019 has not been closed to the
partners’ capital accounts.
Required:
Journalize the entry to record the division of
net income for 2019 under each of the following independent
assumptions (you can prepare a schedule showing the
distribution of net income to help you in...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Explain the benefits and limitations of using : (1) Capital Asset Pricing Model to calculate cost...
- MERMED Inc. is a medical device manufacturer. The company’s headquarters is located in Houston, Texas. It...
- Jane has an intent to penetrate the network in an organization. She has used passive reconnaissance...
- Using the data in the table to the right, calculate the return for investing in the...
- This exercise just lets you focus on data types, statements, etc. in C# to ease you...
- USING YOUR KNOWLEDGE OF MODULES, REWRITE THE FOLLOWING BATCH OF CODE USING PSEUDOCODE AND CREATE A...
- Ross Textiles wishes to measure its cost of common stock equity. The firm's stock is currently...
ADVERTISEMENT