There are a total of _____ questions in the writing and language section of the psat.

Ethan's Eggroll House, a calendar year corporation, purchased a new computer and printer in January for $1,500. In February, the

eduard

Answer: The answer is D $300 computer, $240 oven

Explanation:

According to IRS tables on the calculation of depreciation on computer and oven, it is estimated that an asset such as computer will have a depreciation useful life of 5 years

Therefore since computer cost and printer = $1,500, useful life = 5 year

Cost ÷ useful life

= 1,500 ÷ 5

= $300

For oven since the cost =$1,200, useful life = 5years

Cost ÷ useful life

= 1,200 ÷ 5

= $240

6 0

3 years ago

Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $7,400 cash and

adelina 88 [10]

Answer:

Pose-for-Pics

1. T-accounts:

Cash

Date Account Title Debit Credit

Aug. 1 Common stock $7,400

Aug. 2 Prepaid insurance $3,000

Aug. 5 Office supplies 970

Aug. 20 Photography Fees 4,231

Aug. 31 Utilities 765

Aug. 31 Balance $6,896

Common Stock

Date Account Title Debit Credit

Aug. 1 Cash $7,400

Aug. 1 Photography equipment 34,400

Aug. 31 Balance $41,800

Photography Equipment

Date Account Title Debit Credit

Aug. 1 Common stock $34,400

Prepaid Insurance

Date Account Title Debit Credit

Aug. 1 Cash $3,000

Office Supplies

Date Account Title Debit Credit

Aug. 1 Cash $970

Photography Fees

Date Account Title Debit Credit

Aug. 20 Cash $4,231

Utilities Expense

Date Account Title Debit Credit

Aug. 31 Cash $765

2. Trial Balance

As of August 31

Account Title Debit Credit

Cash $6,896

Common stock $41,800

Equipment 34,400

Prepaid insurance 3,000

Office supplies 970

Photography fees 4,231

Utilities expense 765

Totals $46,031 $46,031

Explanation:

Before transactions are posted to the T-accounts (General Ledger) they are recorded in the General Journal. The T-accounts summarize the transactions into various ledger accounts. Periodically, the accounts are balanced and a trial balance is extracted to check if the posting is error-free.

6 0

3 years ago

g The Ricardian equivalence states that if the government cuts taxes without changing current or future expenditure then: a) hou

Aleks [24]

Answer:

b) households will save more because they will expect higher taxes in the future

Explanation:

The Ricardian Equivalence proposition is one of the pillars of classical economics, which sadly has proven to not work very well in the real world. According to classical economists, and their quantity theory of money plus the Ricardian Equivalence, recessions do not exist because it is impossible for them to exist. But in the real world, that is not true. Recessions exist, e.g. the US is in a recession since the first quarter of 2020 (even before the current health crisis). When real people lose their jobs or are afraid to lose their jobs, their spending habits change.

On the other hand, when real people get a tax refund or tax cut, they generally spend it, they will not save it to pay future taxes. That is why car sales increase during February after checks form the IRS are handed out.

Theoretically, classical economics is great. The problem is that we are human beings, and as such, our behavior cannot be controlled or determined by what we should or should not do. This is exactly why the velocity of money (quantitative theory of money) is not constant.

4 0

3 years ago

which of the following is true about product life cycles? group of answer choices a reminder promotion is normally used in the i

bulgar [2K]

Based on business strategies and production, the statement that is true about product life cycles is "Early adopters buy in the introductory phase."

<h3>What is the Life Cycle of a Product</h3>

The life cycle of a product is a term that is used to describe the proportion of time a product goes from being introduced into the market by the producers until it's taken off the shelve.

Usually, the product life cycle is in different stages, and each of the stages is important to the success of the products in the market.

<h3>The Life cycle of a product is the following:</h3>

introduction,
growth,
maturity, and
decline.

Generally, the in the introduction stage of a product's life the early adopters are the first category of consumers that try new products before most other consumers key into it.

Hence, in this case, it is concluded that the correct answer is option c. "Early adopters buy in the introductory phase."

Learn more about the Product Life cycle here: brainly.com/question/7510515

#SPJ1

8 0

1 year ago

An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote e

GenaCL600 [577]

Answer:

Explanation:

1. True

Separation of record keeping for assets from custody over assets in custody over assets reduces theft and fraud . except in a case of collusion.

Fraud and theft of assets can be easily perpetrated and covered up when an individual combines the role.

2. False

Internal control focuses more on the internal operation of an organization rather than the external. Even though it can still be of impact in checking the excesses of external parties like the government agencies , but that is not its primary objective

3.True

Internal control's main objectives can be best accomplished when there is an operational system with managerial policies that protect waste , fraud and theft , being the major factors targeted to control

4.False

Separating the responsibility for a transaction between two or more individuals or departments is a major way of preventing creation of fictitious invoices and payment as it could have easily be detected if different individuals are involved in approval and payment of invoices.

7 0

3 years ago