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3 years ago

Economists define an efficient use of resources as a situation where

1 answer:

3 0

According to economists the efficient use of resources is a situation where one person can be made to look better in the scenario, but only by making another person look worse. Inefficient use of resources or insufficient resources brings scarcity in the economy.

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The income statement for the Sage Hill Inc. for the month ended July 31 shows Service Revenue $17,470, Salaries and Wages Expens

kirza4 [7]

Answer along with its Explanation:

The profit for the year is calculated as under:

Profit for the year = Revenue - Salaries and Wages - Maintenance and Repairs Expense - Income Tax Expense

Profit for the year = $17,470 - $8,870 - $3,370 - $1,470 = $3,760

Now the entry would be to close the expense and income accounts for the year and carry forward the difference (Profit for the year) to retained earnings.

The entry would be as under:

Dr Service Revenue $17,470

Cr Salaries and Wages Expense $8,870

Cr Maintenance and Repairs Expense $3,370

Cr Income Tax Expense $1,470

Cr Retained Earnings (Balancing figure) $3,760

The recording of the dividends (A decrease in Capital) would be decrease in the retained earnings which is given as under:

Dr Dividends $1,760

Cr Cash Balance $1,760

The waiving off this amount will be by debiting the retained earnings and crediting dividends paid.

Dr Retained Earnings $1,760

Cr Dividends $1,760

7 0

4 years ago

Suppose you deposit $8,500 into an account earning 5.0% interest compounded annually. Determine the amount of money that will be

garik1379 [7]

Answer:

$ 15,264.78

Explanation:

Using the excel formula FV() you can calculate the amount to be received after 12 years. The diagram will be: Period Amount Payment interest Amount + interest

1 8,500.00 425.00 8,925.00

2 8,925.00 446.25 9,371.25

3 9,371.25 468.56 9,839.81

4 9,839.81 491.99 10,331.80

5 10,331.80 516.59 10,848.39

6 10,848.39 542.42 11,390.81

7 11,390.81 569.54 11,960.35

8 11,960.35 598.02 12,558.37

9 12,558.37 627.92 13,186.29

10 13,186.29 659.31 13,845.60

11 13,845.60 692.28 14,537.88

12 14,537.88 726.89 15,264.78

7 0

3 years ago

Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Taya2010 [7]

Answer:

(a) The cost of goods sold on October 24

: $552

(b) The inventory on October 31: $532, (with 19 units)

Explanation:

The company uses a perpetual inventory system and using the first-in, first-out (FIFO) method for Item Zeta9, the answers are explaned with the help of the attached file:

The Cost of goods sold on October 24: $300+$252=$552

Download xlsx

5 0

4 years ago

When the incentives to join an organization emphasize a sense of pleasure, status, or companionship, the incentives are said to

tiny-mole [99]

The answer to your question is;

Emotional Incentives.

I hope this helps!

5 0

3 years ago

At the present time, funds are limited for calvet program mortgage loans. a decision must be made to give one veteran a loan ove

jeka57 [31]

The veteran chosen would probably be Veteran B. Veteran A seems like he has been doing well for himself financially, and additional funds would only help to enrich him further. Veteran B has a more immediate need for the money: to buy a house large enough for him and his mother, who is probably the caretaker due to his severe injury.

4 0

3 years ago