What percent of rich people are self made in the USA?

When recording transactions into the accounting equation, which of the following statements are correct? (Check all that apply.)

belka [17]

Answer:

The correct answers are the following options:

After recording the transaction, total assets will always equal total liabilities plus equity.

The accounting equation must always remain in balance

Explanation:

To begin with, the name of "Accounting Equation" is famously known in the business field due to the fact that it is a concept from the accountant of companies and in fact a very important one. The accounting equation represents the sum between the equity and the debts of the company that will always give the total assets of the company. It is considered to be the foundation of the double-entry accounting system, so that is why it is so important. Moreover, under its doctrine, it proves that the balance sheet must always remain balance.

4 0

3 years ago

_____ laws give only the creator exclusive rights, meaning no one else can reproduce, distribute, or perform the literary and ar

adell [148]

The answer is copyright laws. It is because the copyright laws is where a creator is somewhat protected his or her properties such as works, articles, artworks and people who used his or her works without his or her permission will be held liable.

8 0

3 years ago

The market for tennis shoes is in equilibrium. If the government increases business taxes, then we would expect to see a(n) incr

Alinara [238K]

Answer:

The market for tennis shoes is in equilibrium. If the government increases business taxes, then we would expect to see a decrease in supply.

Explanation:

When a market is in equilibrium, a situation occurs in which the quantity demanded and the quantity supplied are the same, with which there is neither a surplus nor a shortage in supply and demand.

Now, in the event of an increase in taxes that would increase the cost of production and the final price of the product, the quantity supplied will tend to decrease, since a smaller quantity of products will be produced for the same amount. Likewise, the final price will tend to rise, with which demand will also fall, finding a new equilibrium point.

6 0

3 years ago

On January 2, 2020, Pina Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9,800,

Nadusha1986 [10]

Answer:

a. See the journal entry below.

b. The amount of total revenue that should be recognized in 2020 is $9,800.

Explanation:

Note: There is slight error in the question as 2017 was erroneously mentioned. The year 2020 is therefore used throughout in answering this question.

a. Prepare the journal entry to record this transaction on January 2, 2020.

The following can first be calculated as follows:

Discount on Notes Receivable = Face value of the note - Fair value of the goods = $9,800 - $8,700 = $1,100

The journal entries will therefore look as follows:

Date Particulars Debit ($) Credit ($)

02 Jan 2020 Notes Receivable 9,800

Sales Revenue 8,700

Discount on Notes Receivable 1,100

(To record sales note receivable in exchange for sale.)

Cost of Goods Sold 5,220

Inventory 5,220

(To record cost of goods sold.)

b. How much total revenue should be recognized in 2020?

This cam be calculated as follows:

Sales revenue = Fair value of the goods = $8,700

Interest revenue = Face value of the note - Fair value of the goods = $9,800 - $8,700 = $1,100

Total Revenue = sales revenue + interest revenue = $8,700 + $1,100 = $9,800

Therefore, the amount of total revenue that should be recognized in 2020 is $9,800.

7 0

3 years ago

LifeAura, a lifestyle accessories store, organizes its workforce into different divisions such as home décor, sports, clothing,

goblinko [34]

Answer:

Product departmentalization

Explanation:

Hi, the organizational structure that LifeAura follows is Product departmentalization.

Product departmentalization is an internal process performed by an organization (in this case an accessories store) where the workforce is divided into different groups according to the type of goods or services produced.

In this case, the workforce is organized in different divisions like home décor, sports, clothing, and electronics. These divisions are products offered by the store.

Feel free to ask for more if needed or if you did not understand something.

4 0

3 years ago