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Serjik [45]
2 years ago
13

An expense account normally has a ___________ balance. A. Debit B. Credit

Business
1 answer:
swat322 years ago
8 0

Answer:

An expense account normally has a debit balance.

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Whispering Corporation issued $480,000 of 7% bonds on November 1, 2017, for $515,707. The bonds were dated November 1, 2017, and
Snezhnost [94]

Answer:

                                                                    Debit                           Credit

Interest Expense                                        5,157

Long term Bonds                                                                            5,157

Explanation:

The 7%bond is issued by the Whispering Corporation on November 1, 2017 and the Whispering Corporation is using effective interest method with an interest rate of 6%, therefore the adjusting entry shall be recorded as at December 31,2017 in respect of interest accrued for two months i.e. November and December 2017 by following amount:

515,707*6%*2/12=5,157

The following adjusting entry shall be recorded in accounts of Whispering Corporation in respect of interest accrued as at December 31, 2017:

                                                                    Debit                           Credit

Interest Expense                                        5,157

Long term Bonds                                                                            5,157

4 0
3 years ago
Andy filed a fraudulent 2021 tax return on May 1, 2022. The statute of limitations for IRS assessment on Andy's 2021 tax return
Jlenok [28]

E)None of the choices are correct.

A tax go-back is a document filed with a tax authority that reviews earnings, expenses, and different applicable financial facts. On tax returns, taxpayers calculate their tax legal responsibility, schedule tax payments, or request refunds for the overpayment of taxes.

Whilst to anticipate Your Refund. Refunds are typically issued inside 21 days of while you electronically filed your tax return or forty two days of while you filed paper returns. If it is been longer, discover why your refund may be behind schedule or might not be the quantity you anticipated.

Taxpayer information precis, like AIS, can be downloaded from the e-filing portal of the earnings Tax branch. To get admission to your TIS, click on AIS underneath the offerings tab of the I-T portal. click "Taxpayer data declaration" on the subsequent web page to download it in a password-protected PDF.

Your question is incomplete. Please find below the complete question.

Andy filed a fraudulent 2021 tax return on May 1, 2022. The statute of limitations for IRS assessment on Andy's 2021 tax return should end:

A)May 1st, 2025.

B)April 15th, 2025.

C)May 1st, 2028.

D)April 15th, 2028.

E)None of the choices are correct.

Learn more about tax returns here brainly.com/question/25783927

#SPJ4

3 0
1 year ago
Which situation is an example of comparative advantage in an international market?
Ede4ka [16]

Factories in Country A can produce the same number of tablets as factories in Country B, or the factories in Country A could be used to build more laptops than the factories in Country B is an example of comparative advantage in an international market.

<u>Explanation: </u>

The comparative advantage of manufacturing a good or service is smaller than that of other nations. Opportunity cost compensation measures.  

A country with a comparative advantage pays off. The benefits of buying are higher than the drawbacks.  

Perhaps the nation isn't the best producer. But for other countries, good or service costs are low.

For Example, Call centers in India. U.S. businesses buy the service because the location of the call center in America is cheaper. Call centers in India are no different than U.S. call centers. Their employees don't always talk very clearly in English. Nonetheless, they offer the service inexpensive enough to make the deal worthwhile.

6 0
3 years ago
Read 2 more answers
Suppose the demand curve is: P = 300 - 2QD and the supply curve is: P = 100 + 3QS. What is the sum of the consumer and producer
Alex777 [14]

Answer:

Total surplus =  4000

so correct option is D. $4000

Explanation:

given data

P = 300 - 2QD  

P = 100 + 3QS  

to find out

sum of the consumer and producer surplus

solution

we first equating both  as equilibrium at QD = QS

so

300 - 2Q = 100 + 3Q

solve we get

Q = 40

so P will be

P = 3 00 - 2 × 40

P = 220

Consumer surplus  area above price and below demand  so

Consumer surplus   = 0.5 × (300 - 220) ×  40

Consumer surplus   = 1600

and

Producer surplus  area above supply curve and below price so

Producer surplus = 0.5 × (220 - 100) × 40

Producer surplus = 2400  

so Total surplus will be

Total surplus = Consumer surplus + Producer surplus  

Total surplus = 1600 + 2400

Total surplus =  4000

so correct option is D. $4000

7 0
3 years ago
Anne has chosen how many bagels and how many units of cream cheese she would buy this month. She has $20 to spend on these two g
scZoUnD [109]

Answer:

The correct answer is:  her marginal benefit per dollar for bagels will decrease, and her marginal benefit per dollar for cream  cheese will increase.

Explanation:

Anne has $20 to spend on two goods bagels and cream cheese.

The marginal benefit per dollar for bagels is $6.

The marginal benefit per dollar for cream cheese is $10.

If she decides to buy more bagels and less cream cheese, the marginal benefit per dollar for bagels will decrease and marginal benefit per dollar for cream cheese will increase.

The marginal benefit per dollar for a commodity is the ratio of marginal utility derived from consuming the last unit of the commodity upon price of the commodity.

As more and more quantity of a commodity is consumed the marginal benefit per dollar for it will go on declining. This is because the marginal utility derived from each additional unit will go on declining while price will remain the same. The less the commodity is consumed, the marginal benefit per dollar for it will increase.

4 0
3 years ago
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