Answer:
The use of a trial balance:
a) This error will not cause the two sides of the trial balance to disagree. A compensating error has occurred, because the Cash Account should have been credited and the Salaries and Wages Expense debited with $600.
b) This error will cause the two sides of the trial balance to disagree. The amount debited is not the same amount credited. The Accounts Receivable should have been credited with $900, not the Service Revenue.
Explanation:
a) The trial balance ensures that the total values of the debit and credit sides agree. It shows that accounts have been correctly debited and credited in the general ledger, with equal amounts.
b) Compensating errors arise when two accounting errors offset themselves, because the same mistake made on the debit side is made on the credit side
Answer:
The firm should decrease output, because the market price is $5, which is lower than the marginal cost of producing one more unit of output: $6.
However, the average total cost of producing output in this market is $4, so the firm should only produce up to the point where this cost is still $4, so that it can make a profit of $1 in the market.
Answer:
Option C is correct.
Explanation:
The statement of cash flow presents us the information about the cash, where the cash was invested including how much cash we have earned by investing in projects, how much cash the operations has created and how much cash has been created from the financing activities. This statement tells us about the origin of the cash and where the company is spending it.
Answer:
Horizontal Analysis
For the years 20Y4 and 20Y5
20Y5 20Y4 Difference amount Difference Percent
Retail 126000 120000 6000 5.0%
Wholesale 150000 164000 -14000 -8.5%
Total revenue 276000 284000 -8000 -2.8%
<em>Workings</em>
Retail= 126000 - 120000 = 6000
6000/120000* 100 = 5.0%
Wholesale= 150000 - 164000 = -14000
-14000/164000 * 100 = 8.53%
Total revenue= 276000 - 284000 = -8000
-8000/284000 * 100 =2.82%
An import quota, a type of trade restriction, establishes a physical limit on the Quota of an item that may be carried into a country over a specific period of time.
Like other trade restrictions, quotas are often implemented to help an economy's producers of a particular good (protectionism). To decrease imports and boost domestic production, nations occasionally impose quotas on particular products. The idea of quotas is to increase home production by limiting international competition. Quota-implementing government initiatives are frequently referred to as protectionism policies. Import Government-imposed quotas are one type of restriction on the trade of a certain good by limiting either fixed in terms of value.
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