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2 years ago

Question 6 of 20

Business

1 answer:

tatiyna2 years ago

4 0

A product with a high level of elasticity of demand has the feature of the B. Demand for the product rises and falls depending on circumstances.

<h3>What is Elasticity of Demand?</h3>

This refers to the extent to which there is a price change that causes a product to have a change in demand.

Hence, we can see that when there is a high elasticity of demand, it is usually because there is a variable change in the quantity demanded in relation to its price and this means that B. Demand for the product rises and falls depending on circumstances.

Read more about elasticity of demand here:

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During the current month, the Acme company had receivables of $16,590. It also had outgoing expenditures of $12,730. The company

andreyandreev [35.5K]

Answer:

$3,849.87

Explanation:

The change in balance is the net of the receipts and the payments.

The receipts include the receivables and the interest paid by the bank while the payments include the outgoing expenditure and bank charge.

Balance change

= $16,590 - $12,730 -$12.50 + $2.37

= $3,849.87

6 0

3 years ago

During the month of March, Munster Company's employees earned wages of $64,000. Withholdings related to these wages were $4,896

STALIN [3.7K]

Answer:

A) March 31 journal entries for wages expense and wages payable

Dr Salaries and Wages Expense account 64,000
Cr FICA Taxes Payable account 4,896
Cr Federal Income Tax Payable account 7,500
Cr State Income Tax Payable account 3,100
Cr Union Dues Payable account 400
Cr Salaries and Wages Payable account 48,104

B) March 31 journal entries for company's payroll tax expenses

Dr Payroll Tax Expense account 5,596
Cr FICA Taxes Payable account 4,896
Cr State Unemployment account 700

8 0

3 years ago

Oriole Co. reports net income of $59,000. Partner salary allowances are Pitts $15,000, Filbert $5,000, and Witten $6,000. Indica

loris [4]

Answer:

Oriole Co

Division of net income to each partner:

Pitts Filbert Witten Total

Total income $33,480 $13,580 $11,940 $59,000

Explanation:

a) Data and Calculations:

Net income = $59,000

Salary allowances = $26,000

Remaining shareable income = $33,000

Allocation of net income to each partner:

Pitts Filbert Witten

Income sharing ratio 56 : 26 : 18

Salary Allowances $15,000 $5,000 $6,000

Shareable income 18,480 8,580 5,940

Total income $33,480 $13,580 $11,940

b) Calculation of shareable income:

Pitts = $33,000 * 56% = $18,480

Filbert = $33,000 * 26% = $8,580

Witten = $33,000 * 18% = $5,940

6 0

3 years ago

Archie Co. purchased a framing machine for $60,000 on January 1, 2021. The machine is expected to have a four-year life, with a

horrorfan [7]

Answer:

$16,500

Explanation:

Depreciation is a method used in expensing the cost of an asset.

sum-of-the years'-digits method = (useful life remaining / sum of years) x (cost of asset - residual value)

sum of the years = 1 + 2 + 3 + 4 = 10

(3 / 10) x ($60,000 - $5,000) = $16,500

3 0

3 years ago

Trevor Company expects sales of Product W to be 60,000 units in April, 75,000 units in May, and 70,000 units in June. The compan

Sedbober [7]

Answer:

65000 units

Explanation:

Given:

Expected sales of product W in April = 60000 units

Expected sales of product W in May = 75000 units

Expected sales of product W in June = 70000 units

Inventory in hand at the end of each month = 40% of the next month's expected sale

Inventory expected at the end of the April = 40% of the expected sales in May

Inventory expected at the end of the April = 0.4 × 75000 = 30000 units

Therefore, the total units required in April = Expected sales of product W in April + Inventory expected at the end of the April

the total units required in April = 60000 + 30000 = 90000 units

Now,

Excessive production in March (inventory) = 25000 units

Hence, the units required to be produced in April = the total units required in April - Excessive production in March (inventory)

the units required to be produced in April = 90000 - 25000 = 65000 units

7 0

3 years ago