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2 years ago

norma inc. uses the perpetual inventory system. when the company records a sale, it should make entries to:

1 answer:

5 0

The fact that Norma Inc. uses a perpetual inventory system means that when a sale is recorded, the company should:

b. decrease an asset and increase an expense.
c. increase an asset and increase revenue.

<h3>What happens when a sale is made?</h3>

The revenue account should be increased because a sale brings money into the business. Cash or Account Receivables should also increase depending on is the sale was a cash or credit sale.

Cost of goods sold would increase as well and it is an expense. The asset of inventory would decrease to show that there is less inventory on account of the sale.

Options for this question are:

a. decrease an asset and decrease revenue

b. decrease an asset and increase an expense

c. increase an asset and increase revenue

d. increase an asset and decrease an expense

Find out more on the perpetual inventory system at brainly.com/question/25014592.

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Assume the MPC is 0.6. If government were to impose $10 billion of new taxes on household income, consumption spending would ini

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Answer:

$6 billion

Explanation:

Calculation to determine what consumption spending would initially decrease by

Using this formula

Decrease in Consumption spending=MPC * New taxes on household income

Let plug in the formula

Decrease in Consumption spending=0.6*$10 billion

Decrease in Consumption spending=$6 billion

Therefore consumption spending would initially decrease by $6 billion

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3 years ago

If the economy is hit by a negative real shock that raises inflation and unemployment, which fiscal policy action should the gov

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Answer: There is no fiscal policy action that can keep the inflation and unemployment stable.

Explanation:

If there is a negative real shock such as an oil crisis, it will be hard fir the affected economy to adjust and be stable.

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3 years ago

Blank describes the practice of products and services traded between countries around the world.

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Global Trade

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3 years ago

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Sandra Sousa, Registered Dietician Trial Balance July 31, 2018 Balance Account Title Debit Credit Cash 33000 Accounts Receivable

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Answer:

Requirement 1. Prepare the income statement for the month ended July 31, 2018.

Sandra Sousa, Registered Dietitian

Income Statement

For the Month Ended July 31, 2018

Service Revenue $11,258

Salaries Expense -$1,500

Rent Expense -$1,200

Utilities Expense -$350

Net income $8,208

Requirement 2. Prepare the statement of owners equity for the month ended July 31, 2018.

Sandra Sousa, Registered Dietitian

Statement of Owner's Equity

For the Month Ended July 31, 2018

Sousa, Capital balance July 1, 2018 $22,000

Investment during month $0

<u>Net income $8,208</u>

subtotal $30,208

<u>Withdrawals during the month -$2,000</u>

Sousa, Capital balance July 31, 2018 $28,208

Requirement 3. Prepare the balance sheet &s of July 31, 2018.

Sandra Sousa, Registered Dietitian

Balance Sheet

For the Month Ended July 31, 2018

Assets:

Cash $33,000

Accounts Receivable $9,600

Office Supplies $2,200

Prepaid Insurance $2,800

Equipment $18,000

Total assets $65,600

Liabilities and equity:

Accounts Payable $3,100

Unearned Revenue $292

Notes Payable $34,000

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Retained earnings $6,208

Total liabilities and equity $65,600

Requirement 4. Calculate the debt ratio as of July 31, 2018.

debt ratio = liabilities / assets = $65,600 / $37,392 = 175.44%

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3 years ago

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