How do scarce resources influence you personally?

The ledger of Mai Company includes the following accounts with normal balances: Common Stock $9,000;

Amiraneli [1.4K]

Answer: Please see explanation for answer

Explanation:

Journal to close Revenue account

Date Accounts and explanation Debit Credit

31 December Service Revenue $13,000

Income Summary $13,000

Journal to close expense account

Date Accounts and explanation Debit Credit

31 December Income Summary $10,000

Wages Expenses $8,400

Rent expenses $1,600

Journal to close Income Summary account

Date Accounts and explanation Debit Credit

31 December Income Summary $3,000

Retained earnings $3,000

Calculation

Retained Earnings =Services Revenue- (wages expense + rent expense)

$13,000 -$10,000-= $3,000

Journal to close Dividend account

Date Accounts and explanation Debit Credit

31 December Retained earnings $800

Dividends $800

7 0

3 years ago

The purchasing power of peoples' income is most affected by what?

Sav [38]

Answer:

a.The rate of inflation

Explanation:

Inflation means rise in the consumer price index i.e. the weighted average of prices belong to the different kinds of goods. It could be measured by taking the difference of CPI and dividing it by the previous year CPI

The rate of inflation would be most impacted to the purchasing power of people income

Therefore the option a is correct

7 0

3 years ago

Andrew Lighting purchases a factory and all of the equipment, computers, and vehicles within it. Andrew begins production of lam

liq [111]

Answer:

Equipment and vehicles.

Explanation:

A fixed asset is a long term asset that has a useful life of over one year, it is owned and used by a company to achieve its stated objectives. They are bought to generate income, and they are not meant to sell and not easily convertible to cash. Are categorized under noncurrent assets in the balance sheet.

Fixed assets have the following characteristics:

-They exist physically and, thus, are tangible assets.

-They are owned and used by the company in its normal operations.

-They are not offered by sale as part of normal operations.

Some examples are equipment, machinery, buildings, and land.

7 0

3 years ago

A(n) to is any policy that is designed to reduce the competitiveness of foreign producers that wish to sell their goods or servi

frutty [35]

A protectionism policy is any policy that is designed to reduce the competitiveness of foreign producers in the domestic market.

The protectionism policy helps to protect the domestic industries against the foreign competition through various means methods including

Imposition of tariffs
Subsidies
Import quotas
Trade restrictions.

The policy of protectionism are determined by the Federal government of the country to help reduce the importation or competitiveness of foreign company in the country's market.

In conclusion, the policy is known as a protectionism policy.

Read more about this here

<em>brainly.com/question/3279101</em>

8 0

3 years ago

At a growth (interest) rate of 13 percent annually, how long will it take for a sum to double? To triple?

Ad libitum [116K]

Answer:

5.67 years

8.99 years

Explanation:

The relationship between future value, present value, interest rate as well as the duration of an investment(n) are depicted below with future value formula:

FV=PV*(1+r)^n

FV=future value( let us assume it is $10,000)

PV=$5,000( half of the present value)

r=13% interest rate

n=duration of the investment=the unknown

10,000=5000*(1+13%)^n

10,000/5000=1.13^n

2=1.13^n

take log of both sides

ln(2)=n ln(1.13)

n= ln(2)/ln (1.13) = 5.67 years

Triple of original investment:

FV=PV*(1+r)^n

FV=future value( let us assume it is $15,000)

PV=$5,000(one-third of the present value)

r=13% interest rate

n=duration of the investment=the unknown

15,000=5000*(1+13%)^n

15,000/5000=1.13^n

3=1.13^n

take log of both sides

ln(3)=n ln(1.13)

n= ln(3)/ln (1.13) = 8.99 years

7 0

3 years ago