Answer:
C) a debit to Merchandise Inventory and a credit to Accounts Payable
Explanation:
The journal entry to record the purchase of inventory on account by using the perpetual inventory system is shown below:
Merchandise Inventory A/c Dr XXXXX
To Accounts Payable A/c XXXXX
(Being merchandise is purchase on credit)
Simply we debited the merchandise inventory account and credited the account payable account so that the correct posting can be done.
Answer:
22. Option (B) is correct
23. Option (A) is correct
Explanation:
22.
Total Cash Available = Beginning Cash Balance + Budgeted Cash Receipts
= $18,000 + $183,000
= $201,000
Excess (Deficiency) of Cash Available over Disbursements:
= Total Cash Available - Budgeted Cash Disbursement
= $201,000 - $188,000
= $13,000
23.
Amount to be borrowed:
= Desired ending Cash Balance - Excess (Deficiency) of Cash Available over Disbursements
= $30,000 - $13,000
= $17,000
Answer:
Net income will be decreased by $150.
Explanation:
Given:
The credit balance of interest payable (Opening) = $200
Credit balance of interest payable (Closing) = $50
Net income will be decreased by $150.
Decreased net income = credit balance of payable (Opening) - credit balance (Closing)
Decreased net income = $200 - $50
Decreased net income = $150
The interest of $150 was paid which would reduce the net profit.
Sarah has an absolute advantage in the PRODUCTION OF MUGS. This is because Sarah can produce 32 mugs while Charles in comparison can only produce 25 mugs.
Absolute advantage refers to the capacity of a country or a company or a person to execute a particular economic activity more efficiently than others. Someone who has an absolute advantage will be able to produce a particular good or service at a greater quantity than his competitors using the same resources. In the scenario given above, it can be seen that Sarah is able to produce more mugs efficiently more than Charles in six hours period.
Answer: efficiency of the tax
Explanation:
From the question, we are informed that the city of Hartwell spends about $3 million annually on snow removal and that the city is considering amending its real property tax law to allow homeowners to offset the cost of private snow removal against their annual property tax.
It should be noted that the amendment to the affect the efficiency of the tax. The aim of the amendment in this case is to help change the behavior of the taxpayer by giving out rewards to the people who remove their own snow.
