1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Novosadov [1.4K]
2 years ago
14

An account used with a related account to bring about a decrease in the net amount of the two account balances is called a(n)?

Business
1 answer:
lesya692 [45]2 years ago
8 0

An account used with a related account to bring about a decrease in the net amount of the two account balances is called a contra account.

A contra account is used in a general ledger to reduce the value of a related account when the two are netted together.

Natural balance in the contra account is the opposite of the associated account.

If the natural balance has recorded the debit balance in the related account, the contra account  will record a credit balance . For example, the contra account for a fixed asset is  the accumulated depreciation.

Contra accounts are presented on the same financial statement as the associated account, generally appearing directly below it with a third line for the net amount.

Note that accountants always  use contra accounts rather than  to reduce the value of the original account directly to keep financial accounting records clean.

To know more about contra accounts here:

brainly.com/question/3259094

#SPJ4

You might be interested in
During 2020, Lincoln Company hires seven individuals who are certified to be members of a qualifying targeted group. Each employ
Montano1993 [528]

Answer:

$16,800

Explanation:

Calculation to determine what Lincoln Company's work opportunity credit is

Work opportunity credit= $6,000 * .40 *7

Work opportunity credit = $16,800

Therefore Lincoln Company's work opportunity credit is $16,800

7 0
3 years ago
What should you do to change a value in si units to a value in u.s. customary units?
stiks02 [169]
Use a conversion factor.
3 0
3 years ago
Read 2 more answers
Consider the following income statement: Sales $510,944 Costs 332,416 Depreciation 77,300 EBIT ________? Taxes (32%) ________? N
Lynna [10]

Answer:

$101,228; $68,835; $24,736

Explanation:

Given that,

Sales = $510,944

Costs = $332,416

Depreciation = $77,300

Tax rate = 32%

EBIT:

= Sales - costs - Depreciation

= $510,944 - $332,416 - $77,300

= $101,228

Net income = EBIT - Taxes

                   = $101,228 - ($101,228 × 32%)

                   = $101,228 - $32,393

                   = $68,835

Depreciation tax shield:

= Depreciation × Tax rate

= $77,300 × 32%

= $24,736

7 0
4 years ago
Due to evaporation during production, X-treme Building Styrofoam Company requires 4 pounds of material input for every 1 pounds
Butoxors [25]

Answer:

The total standard allowed input quantity given the good output produced is 15,800 pounds.

Explanation:

From the question, for every 4 pounds of material input, 1 pounds of styrofoam sheets is manufactured. This means that to produce x pound of good sheet, 4 times x material input would be required.

Therefore for the company to have produced 3,950 pounds of good sheets,

The material input

= 4 × 3950

= 15,800 Pounds

The company would have used 15,800 Pounds to produce 3950 pounds of good sheets. As such, the total standard allowed input quantity given the good output produced is 15,800 pounds.

8 0
3 years ago
Racz describes a micromanager as a manager who doesn't give you a lot of breathing room. Micromanagers often stifle workers and
marusya05 [52]

Answer:

core competency

Explanation:

A core competency is a concept in management theory introduced by C. K. Prahalad and Gary Hamel. It can be defined as "a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace" and therefore are the foundation of companies' competitiveness.

4 0
4 years ago
Other questions:
  • Firms are likely to prefer selective distribution when intermediaries
    9·1 answer
  • What is valuable goods
    7·1 answer
  • Artur, who has a disability, is an employee of banquet & event facilities & services, inc. after the installation of new
    8·2 answers
  • Bethesda Mining Company reports the following balance sheet information for 2015 and 2016.
    14·1 answer
  • Is there a passive form of perfect continuous tense? ​
    9·1 answer
  • If labor becomes more productive, the production possibilities frontier will:__________
    7·1 answer
  • Smith, a single individual, made the following charitable contributions during the current year. Smith’s adjusted gross income i
    9·1 answer
  • Tabatha walks into a customer's office, shakes hands, looks the customer in the eye, and smiles. After exchanging pleasantries,
    7·1 answer
  • Your employees have an average salary of $37,000 per year. Their benefits, health insurance and a retirement plan, are worth $22
    14·1 answer
  • In a perfectly competitive market, a. every seller tries to undercut the prices charged by its rivals. b. every seller takes the
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!