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3 years ago

How did the invention of money as a medium of exchange affect the barter system?

1 answer:

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The barter system is a form of trading in which goods are exchanged directly for other goods without the use of money or as an intermediary, without a medium of exchange. The invention of money supplemented the barter system by providing a nonperishable medium of exchange.

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After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000

murzikaleks [220]

Answer:

income summary 550 debit

retained earnings 550 credit

--to close income sumary against RE--

Explanation:

To complete the closing entries we should determinate the balance of the Income Summary account and then, transfer into Retained Earnings.

Income Summary

<u> Debit Credit </u>

2,450

Balance 550

We will debit income summary so his blanace ends in zero and credit retained earnings so net income is accumualted and added into equity to represent it in the balance sheet.

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3 years ago

Rina's Performance Pizza is a small restaurant in Dallas that sells gluten-free pizzas. Rina's very tiny kitchen has barely enou

ki77a [65]

Answer: variable input; fixed input

Explanation:

Based on the information given, in the short run, these workers are variable inputs, and the ovens are the fixed inputs.

Fixed inputs are the inputs that can't be easily changed that's increased or reduced in the short run while variable inputs can be increased or reduced easily.

Since Rina cannot change the number of ovens she uses in her production of pizzas in the short run, they're fixed input. The workers are variable input.

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2 years ago

Activity-based costing uses one plantwide pool and numerous cost drivers departmental pools and a single cost driver. numerous c

kipiarov [429]

Answer:

numerous cost pools and numerous cost drivers

Explanation:

Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.

In Financial accounting, one of the most widely used activity-based costing technique is the time-driven activity-based costing.

Time-driven activity-based costing (TDABC) avails business owners the opportunity of reporting their costs on an ongoing basis (real time) which give details about the various cost of doing business, as well as the time spent on them respectively.

Cost pool is simply the amount of money spent by a firm on a particular activity.

Generally, an activity-based costing uses numerous cost pools such as manufacturing cost or customer services and numerous cost drivers such as direct labor hours worked, number of changes used in engineering department, etc.

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2 years ago

Milo Co. had 600,000 shares of common stock outstanding on January 1. On May 1, Milo issued 126,000 shares. On September 1, Milo

PtichkaEL [24]

Answer:

b. 663,000

Explanation:

Outstanding shares refers to the total number of stock held by investors at a particular time. They are the shares issued out to both retail and institutional investors and insiders, such as directors and employees. Outstanding shares will exclude shares that have been repurchased back by the issuing company (treasury stock).

The weighted average share outstanding takes into consideration the duration of time that issued stocks have been in the markets. It allocates value proportionately to the time in the market.

For Millo Co, the weighted average share outstanding for the year will be

1. January 1, 600,000

2. May 1, issued 126,000 shares ( 8 months)

weighted for the year=8/12 x 126,000 = 84,000

3. September 1, purchased 63,000 treasury stock

(4 months) weighted value will be

= 4/12 x 63,000= 21,000

The weighted average share outstanding

Beginning balance plus shares issued out minus repurchased shares(treasury stock)

=600,000 + 84,000 -21,000

=663,000

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3 years ago

In microeconomics, what occurs when equilibrium is reached

Anna35 [415]

Prices are set. ☺️☺️☺️☺️

3 0

3 years ago

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