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zepelin [54]
3 years ago
11

Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entr

y accounting system. March 24 Owner deposits $26,000 in business bank account as an initial investment. September 8 Morris Company receives $6,500 payment from a customer on account.
Business
1 answer:
olga_2 [115]3 years ago
6 0

Answer:

A MS Excel file is attached for the Journal general , please find it.

Explanation:

Entries to be Journalized

Date                Account                    DR.          Cr.

March 24         Cash                   $26,000    

                        Owner's Capital                  $26,000

September 8   Cash                   $6,500    

                        Account receivable           $6,500

Download xlsx
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When her income increased from $10,000 to $20,000, Heather's consumption of macaroni decreased from 10 pounds to 5 pounds and he
maks197457 [2]

Answer:

This statement is true.

Explanation:

The concept of income elasticity measures a change in the demand because of change in the income of the consumer.

It is calculated as the ratio of change in demand to change in income.

A person was earning $10,000. Her income increased to $20,000.

Her consumption of macaroni decreased from 10 pounds to 5 pounds.

While her consumption of soy-burgers increased from 2 pounds to 4 pounds.

Income elasticity for macaroni

= \frac{\% \Delta Q}{\% \Delta Y}

= \frac{\frac{5-10}{5} }{\frac{20,000 -10,000}{10,000} }

=\frac{\frac{-5}{5} }{\frac{10,000}{10,000} }

=\frac{-1}{1}

= -1

Income elasticity for soy-burgers

= \frac{\% \Delta Q}{\% \Delta Y}

= \frac{\frac{4-2}{2} }{\frac{20,000 -10,000}{10,000} }

=\frac{\frac{2}{2} }{\frac{10,000}{10,000} }

= 1

So, we see that macaroni has a negative income elasticity, its demand decreases with increase in income. Macaroni is an inferior good.

Soy-burgers sow a positive income elasticity. Their demand increases with increase in income. They are normal goods.

8 0
3 years ago
Kevin meets with a young man who wants to start saving for his son’s college education. What is Kevin’s profession?
Mashcka [7]
Kevin's profession is most likely a financial manager.
6 0
2 years ago
Read 2 more answers
Mary Stahley invested $1500 in a 48-month certificate of deposit (CD) that earned 6.5% annual simple interest. When the CD matur
ASHA 777 [7]

Answer:

$12714.98

Explanation:

Data provided in the question:

Initial amount invested = $1,500

Simple interest rate = 6.5%

Duration for simple interest = 48 months = 4 years

Now,

Simple interest = Amount × Interest rate × Time

= $1,500 × 0.065 × 4

= $390

Therefore,

Total amount = $1500 + $390

= $1890

Now

The amount = $1890 is invested in mutual fund which is compounded annually at 21% for 10 years

thus,

Final amount = Principle × (1 + r)ⁿ

here, r = 21% = 0.21

n = 10 years

Therefore,

Final amount = $1890 × (1 + 0.21)¹⁰

= $12714.98

5 0
2 years ago
What do stocks and bonds do?
denpristay [2]

Answer:

stock our for day trading bonds and trading ways thier divided stacks for long term passive income bonds are more safer investment though will be accped by any bank without qeoutions

8 0
2 years ago
On July 1, Arcola Company purchases equipment for $330,000. The equipment has an estimated useful life of 10 years and expected
Artyom0805 [142]

Answer:

a. $29,000

b. $214,000

c. Yes

Explanation:

a. Annual Depreciation expense:

= (Cost - salvage value)/ Useful life

= (330,000 - 40,000) / 10,000

= $29,000

b. Net book value at end of 4th year:

= Cost - 4 year depreciation

= 330,000 - (4 * 29,000)

= $214,000

c. One test to see if equipment is not impaired is that the Expected Undiscounted cashflows need to be higher than the net book value. This is not the case here as the Net Book value of $214,000 is higher than the expected Undiscounted cash inflows of $185,000. Equipment is therefore impaired.

4 0
2 years ago
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