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3 years ago

In double-entry bookkeeping, what is an account?

1 answer:

5 0

Double-entry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account. The double entry has two equal and corresponding sides known as debit and credit.

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If the Central Bank of Macroland puts an additional 1,000 dollars of currency into the economy, the public deposits all currency

FromTheMoon [43]

Answer:

a. 9,000; 10,000

Explanation:

The computation is shown below:

The money multiplier is

= 1 ÷ 0.10

= 10

Now If $1,000 are deposited in banks and the expected reserve ratio is 0.10 ration so the lending amount is $900.

And now if we considered the money multiplier, so it would be increased by

= $900 × $10

= $9,000

And, the increase in money supply is

= $9,000 + $1,000

= $10,000

Hence, the correct option is a.

4 0

3 years ago

Why is it easier to play soccer on a grassy field than on an ice hockey rink?

LenaWriter [7]

Answer:

Explanation:

4 0

3 years ago

Inventory records for Marvin Company revealed that following :a.Mar 1. Beginning Inventory 1,000 units $7.20b.Mar. 10 Purchase 6

lara31 [8.8K]

Answer:

$5,040

Explanation:

LIFO is better matching with Cost, Sales and Revenue when we have increase in prices. In this example we have been given we can see that the prices are rising as well.

To calculate the Ending Inventory let us first calculate our Cost of Goods Sold (COGS):

So when we are talking about LIFO the very recent units we have purchased goes into the COGS. So if Marvin Company has sold 2,300 units during the period, we can calculate the COGS of 2,300 units as follows;

Mar 23: 600 x $7.35 = $4,410

Mar 16: 800 x $7.30 = $5,840

Mar 10: 600 x $7.25 = $4,350

Now all of the above accumulate to 2,000 units. But Marvin Company has sold 2,300 units. So we are short of 300 units in order to find the COGS of 2,300 units. For that we are going to take 300 units from our beginning inventory.

Mar 1: 300 x $7.20 = $2,160

Hence,

COGS = $4,410 + $5,840 + $4,350 + $2,160

COGS = $16,760

The remaining 700 units will go into the Ending Inventory and can be calculated as follows:

Ending Inventory = 700 x $7.20

Ending Inventory = $5,040

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4 years ago

Match each economic scenario with the correct economic term.

kkurt [141]

Answer:

The answer is:

1 - Underutilization

2 - Efficiency

3 - Unattainability

Explanation:

Efficiency in economics means a situation in which all resources are optimally distributed to serve each entity in the best way while minimizing waste and inefficiency.

Underutilization in economics is also a a situation in which lesser resources are being utilized than the economy is capable of utilizing.

Unattainability is a situation in which what one to accomplish or achieve is not possible.

1 - Underutilization

2 - Efficiency

3 - Unattainability

6 0

3 years ago

A company is a victim of a $414 million fraud. At that time its profit margin is 10%. How much additional revenue should the com

Leto [7]

Answer:

The correct answer is $4.14 millions

Explanation:

The term profit margin represents what percentage of sales has turned into profits.

For example:

if the company reports that it achieved a 10% profit margin, it means that it had a net income of $0.10 for each dollar of sales generated.

"A company is a victim of a $414 million fraud"

$414 million x 10%= $4.14 millions

$4.14 million in additional revenue should the company generate in order to recover the effect on net income.

4 0

3 years ago