Answer:
0.079
Explanation:
Price elasticity of demand using midpoint formula can be calculated as follows
Formula
Elasticity of demand = (change in quantity/average quantity)/(change in price/average price)
Calculation
Elasticity of demand = (600/10,900)/(-2.1/3.05)
Elasticity of demand =-0.055 / -0.688
Elasticity of demand =-0.079
working
Change in price (2-4.1) = -2.1
Average price (2+4.1)/2=3.05
Change in quantity (11,200-10600) = 600
average quantity (11,200+10,600)/2 = 10,900
The elasticity of demand is inelastic as the elasticity is below 1.
Answer: Option A
Explanation: In simple words, goodwill refers to the additional value that an organisation have from its identifiable assets due to its operations over a period of time.
In other words, it can be defined as an intangible asset which an organisation creates over a period of time while establishing the brand image. These assets are not depreciated but are tested for impairment every year. For example brands like apple, Reebok and McDonald have high goodwill in the market which attracts customers towards them
Thus, from the above we can conclude that the correct option is A.
Answer:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
1395
Cr. FICA- Medicare taxes payable:
326.25
Cr. SUTA-State unemployment taxes payable:
1215
Cr. FUTA- Federal unemployment taxes payable: 135
Explanation:
March 31
Dr. Payroll Tax Expense: 3071.25
Cr. FICA- Social security taxes payable:
(6.2%×$2,250) 1395
Cr. FICA- Medicare taxes payable:
(1.45%×$2,250) 326.25
Cr. SUTA-State unemployment taxes payable:
(5.4$×$2,250) 1215
Cr. FUTA- Federal unemployment taxes payable: (0.6%×$2,250) 135
The answer is E. i might be wrong
Answer:
B. Debit Income summary Debit $ 23,000
Retained Earnings Credit $ 23,000
Explanation:
The closing entries are recorded to close the current year's income statement to the retained earnings account,
According to the data in the question, the revenue is closed to the credit of the income Summary of $ 68,000 and the expenses are closed to the debit of the Income Summary of $ 45,000. This leaves a credit balance of $ 23,000 in the income summary account which is closed by debiting the income summary account and crediting the retained earnings account.
Since the revenue exceeded the expenses, the result ia a profir which should increase the retained earnings account, which would be the case by a credit to the retained earnings account.
