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1 year ago

The after closing balance in a revenue account will always be zero. this statement is:________

Business

1 answer:

finlep [7]1 year ago

8 0

The after-closing balance in a revenue account will always be zero. this statement is True

This is further explained below.

<h3>What is a revenue account?</h3>

Generally, The amount in a revenue account is moved during the closing process from the income statement into the retained earnings account, leaving a balance at the end of the revenue account of zero.

This leaves an opening balance in the retained earnings account. Because the ending balance of one period becomes the starting balance of the following period,

In conclusion, The beginning balance of a revenue account will likewise be zero at the beginning of the period.

An after balance in an income statement will always be zero. This assertion is indeed correct.

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You observe the price of a good rises and the quantity sold decreases. This is the result of

kondor19780726 [428]

Answer:

This is the result of law of demand and elasticity of demand

Explanation:

The law of demand states that, other things remaining equal, the higher the price of a commodity, the lower the quantity demand of that commodity. Also, the observed goods in the question is a normal good because all normal goods obey the law of demand.

In addition, the price elasticity of demand is ELASTIC. This means the good is sensitive to price. A 1% increase in price will lead to a significant decrease in quantity demanded.

Also the income elasticity of demand is negative, meaning an increase income means the quantity demanded will decrease. This usually happens for inferior goods.

All these three points can cause it

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3 years ago

Treasury bills and Treasury notes are an investment security issued by the U.S. government. A Treasury bill matures within one y

mel-nik [20]

Answer:

<u>I would rollover.</u>

Explanation:

It is expected an increase in the interest rate in the near future. It is better to <u>wait for the purchase of a long-term note because</u>, once the interest rises, the <u>price of the TS at 9 years will decrease</u> to match the new yield.

While doing a rollover we can make the cash work at 5% and start yielding at 7% in six month. Once the expectation of higher interest rate vanish, I can consider moving to a long Treasury Bill, which most probably will have a lower cost than today.

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4 years ago

What savings account generally pays the least amount of interest of all savings options?<br> account

Hunter-Best [27]

Answer:

Regular savings accounts

Explanation:

Regular savings accounts are also called deposit savings accounts. They are the easiest way to save money in a bank or credit union and receive interest. These types of accounts require a small deposit to open, and the minimum balance is also low. One can avoid monthly charges by maintaining the minimum balance at all times.

The deposit/regular savings accounts are very liquid. Most banks will not have restrictions on the number of deposits and withdrawals per period, say a month. Due to this feature, these accounts earn the lowest interest compared to the other savings accounts. Deposit/ regular accounts are also referred to as transactional savings accounts.

The other types of savings accounts include Money market accounts and Certificates of deposit accounts.

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3 years ago

The Sensor Dynamics Corporation did a scientific study on the impact of absenteeism on increased costs. It determined that there

valentina_108 [34]

Answer:

d. Absenteeism significantly increases costs.

Explanation:

Correlation shows how a change in the value of one variable cause a change in the value of another variable either in the same direction or opposite direction. correlation coefficient is the numerical value of the degree of correlation. the Correlation coefficients can either be -1, 1,or 0

1.0 means a perfect positive correlation and when r = -1.0 indicates a perfect negative correlation. where correlation, is zero (0), it means there is no relationship between the variables being tested.

Since correlation in this question is 0.7 which is tending towards +1, it means there is a strong or significant correlation between absenteeism and increased costs

7 0

3 years ago

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

Naily [24]

Answer:

Buyer

May 11 Dr Merchandise inventory 25,000

Cr Account payable 25,000

Dr Merchandise inventory 410

Cr Cash 410

May 12 Dr Account payable 1400

Cr Merchandise inventory 1400

May 20 Dr Account payable 23,600

Cash 22,892

Dr Merchandise inventory 708

(Seller)

May 11 Dr Account receivable 25,000

Cr Sales revenue 25,000

Dr Cost of goods sold 16,750

Cr Merchandise inventory 16,750

May 12 Dr Sales return and allowance 1400

Cr Account receivable 1400

Dr Merchandise inventory 938

Cr Cost of goods sold 938

May 20 Dr Cash 22,892

Dr Sales discount 708

Cr Account receivable 23,600

Explanation:

Preparation of the Journal entry for Buyer

May 11 Dr Merchandise inventory 25,000

Cr Account payable 25,000

Dr Merchandise inventory 410

Cr Cash 410

May 12 Dr Account payable 1400

Cr Merchandise inventory 1400

May 20 Dr Account payable (25,000-1400) 23,600

Cash (23,600*97%) 22,892

Dr Merchandise inventory 708

(23,600*3%)

Preparation of Journal entry (Seller)

May 11 Dr Account receivable 25,000

Cr Sales revenue 25,000

Dr Cost of goods sold 16,750

Cr Merchandise inventory 16,750

May 12 Dr Sales return and allowance 1400

Cr Account receivable 1400

Dr Merchandise inventory 938

Cr Cost of goods sold 938

May 20 Dr Cash 22,892

[(25,000-14000)*97%]

Dr Sales discount 708

[(25,000-14000)*3%]

Cr Account receivable 23,600

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3 years ago