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Rainbow [258]
2 years ago
7

1.05 the market place economic

Business
1 answer:
aalyn [17]2 years ago
8 0

A market economy serves as an  economic system in which economic activities is been controlled by individuals.

<h3>What is market economy?</h3>

market economy serves as the economy that that gives country's individual citizens and businesses to be able to make decisions .

This decision could be  pricing of goods and services  which are been controlled  by the interactions of a country's individual citizens.

COMPLETE QUESTION:

Explain market place economy

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The general ledger of Pipers Plumbing at January 1, 2018, includes the following account balances:
sergejj [24]

Answer:

<u>Journal entries</u>

1. January 24 Provide plumbing services for cash, $18,000, and on account, $63,000.

Dr Cash 18,000

Dr Accounts receivable 63,000

   Cr Service revenue 81,000

2. March 13 Collect on accounts receivable, $51,000.

Dr Cash 51,000

    Cr Accounts receivable 51,000

3. May 6 Issue shares of common stock in exchange for $10,000 cash.

Dr Cash 10,000

    Cr Common stock 10,000

4. June 30 Pay salaries for the current year, $32,600.

Dr Wages expense 32,600

    Cr Cash 32,600

5. September 15 Pay utilities of $6,200 from 2020 (prior year).

Dr Utilities payable 6,200

    Cr Cash 6,200

6. November 24 Receive cash in advance from customers, $9,200.

Dr Cash 9,200

    Cr Unearned revenue 9,2000

7. December 30 Pay $2,600 cash dividends to stockholders.

Dr Dividends 2,600

    Cr Cash 2,600

<u>Adjusting entries </u>

Depreciation for the year on the machinery is $7,200.

Dr Depreciation expense 7,200

    Cr Accumulated depreciation, equipment 7,200

Plumbing supplies remaining on hand at the end of the year equal $1,000.

Dr Supplies expense 2,500

    Cr Supplies 2,500

Of the $9,200 paid in advance by customers, $6,600 of the work has been completed by the end of the year.

Dr Unearned revenue 6,600

    Cr Service revenue 6,600

Accrued utilities at year-end amounted to $6,400.

Dr Utilities expense 6,400

    Cr Utilities payable 6,400

4 0
3 years ago
phyllis, who is single, has itemized deductions totaling $20,000. she overpaid her 2018 state income tax and is entitled to a re
Lapatulllka [165]

It is true that if an overpayment resulted in a tax benefit, it makes no difference whether it is reimbursed or used to reduce the 2019 state federal income tax due.

The Internal Revenue Service (IRS) imposes a levy known as the federal income tax on the yearly income of people, businesses, trusts, and other legal entities. All forms of income that constitute a taxpayer's taxable income are subject to federal income taxes, including wages, salaries, commissions, bonuses, tips, investment income, and certain categories of unearned income.

Individual federal income tax rates in the US are progressive, which means that they rise in proportion to taxable income. Federal income tax rates range from 10% to 37%, and they become effective at a certain level of income. Tax brackets are the ranges of income that the rates apply to. Income that is subject to each bracket is taxed at that rate.

Learn more about Federal income tax  here

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3 0
1 year ago
g Oriole Company had actual sales of $1100000 when break-even sales were $660000. What is the margin of safety ratio? 67% 40% 33
Sonbull [250]

Answer:

40%

Explanation:

Oriole company has an actual sales of $1,100,000

The break even sales is $660,000

Therefore, the margin of safety can be calculated as follows

= Actual sales-break-even sales/actual sales

= $1,100,000-$660,000/$1,100,000

= $440,000/$1,100,000

= 0.4×100

= 40%

Hence the margin of safety is 40%

3 0
3 years ago
We associate the term debt finance with a. the bond market, and we associate the term equity finance with the stock market. b. t
Vedmedyk [2.9K]

Answer: Option A  

     

Explanation: In simple words, debt financing refers to a process under which an organisation borrows money from other parties without giving any share in the ownership rights.

These finances are usually gathered by selling bonds bills and notes to the general public. Whereas, equity finance sells its ownership rights and raise money from it.

Hence from the above we can conclude that the correct option is A.

6 0
3 years ago
which statement best describes the sec rules relating to bookkeeping services? a. bookkeeping services are permitted if the indi
mash [69]

The statement best describes the SEC rules relating to bookkeeping services is an accountant generally cannot provide bookkeeping services to an SEC audit client.

The practice of regularly documenting your company's financial activities into arranged accounts is known as bookkeeping. It may also be used to describe the many recording methods that companies may employ.

A bookkeeper will make sure that all of a company's accounts are correct and current. Additionally, they will periodically report on those accounts so the owners and management are aware of their financial situation. Additionally, tidy accounts make it simple for accountants to intervene and handle their duties at the conclusion of the financial year.

To track income and spending as effectively as possible, a corporation must employ three different forms of accounting. Cost, management, and financial accounting are some of them.

The given question is incomplete, the complete question is:

Which statement best describes the SEC rules relating to bookkeeping services?

a. Bookkeeping services are permitted, as long as the individuals performing these services are not the same individuals performing the audit.

b. Bookkeeping services are permitted if the fees from these services are insignificant relative to the audit fees.

c. Bookkeeping services are permitted if the client agrees in writing to accept responsibility for the adequacy of these services.

d. An accountant generally cannot provide bookkeeping services to an SEC audit client.

To know more about Bookkeeping Services here

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4 0
1 year ago
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