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MrRa [10]
3 years ago
15

A business paid $7,000 to a creditor in payment of an amount owed. the effect of the transaction on the accounting equation was

to
Business
1 answer:
Nastasia [14]3 years ago
6 0
Credit the cash or bank account (depending on how the payment was done), then debit the creditors account
You might be interested in
Definition of scarcity
Naddika [18.5K]

Answer:

The state of being scarce or in short supply.

Example: A time of Scarcity.

7 0
4 years ago
Which of the following is NOT correct? Multiple Choice Renting is usually less costly in the short run. Home ownership usually h
ozzi

Answer:

Traditional financial guidelines suggest that your home should cost about five times your annual income

Explanation:

Renting an apartment would be less costly initially till the point present value of rental payments equals the purchase cost of the apartment, beyond which such an alternative turns costly.

Individuals need to decide whether to rent or buy in the light of financial factors, lifestyle preferences, etc. Financial factors relate to the availability of finance to fund buying and how steady the finance could be in next few years.

The property owner is eligible for tax deductions with respect to interest payable on home loan and property taxes paid during the period. Such deductions are not available to the tenant.

7 0
3 years ago
Founders should be wary of crowdfunding sites like Kickstarter, because these efforts require founders to give up large ownershi
Westkost [7]

Answer:

B. False

Explanation:

As the name suggests that crowdfunding refers to the funding for a project by having a small amount from the public at large in an internet

Since in the question it is mentioned that the founders should put efforts for giving the high stake of ownership with respect to high contributors before raising the funds to launch a product in the market

But this above requirement should not be necessary

Therefore the given statement is false

5 0
3 years ago
A health and fitness startup company goes for an initial public offering. For assistance, it enters into a firm commitment arran
mojhsa [17]

Answer:

"Underwriting " is the correct answer.

Explanation:

  • Underwriting seems to be the mechanism whereby an entity or organization assumes an investment burden at a cost, is indeed the mechanism for a mortgage company to determine the danger of extending credit to customers.
  • The above word stemmed from the custom of making increasing uncertainty-taker put their names below the total degree of responsibility individuals were inclined to acknowledge for something like a defined bonus.

So that the above is the appropriate answer.

4 0
3 years ago
To determine a product selling price based on the total cost method, management should include?
Schach [20]

If one wants to determine the selling price of a product using the total cost method, the management should use Total product costs plus a markup.

<h3>What is the total cost method?</h3>

The actual cost of performance is generally subtracted from the bid price before profit is added to the resultant sum in the total cost approach.

A production income statement is what the total cost method is. In other words, the units of measurement generated are utilized to accrue income and expenses. The units of measure produced during the reviewed period are used to calculate income and expenses.

When employing the whole cost method, the business accounts for all expenses associated with manufacturing the questioned well. The price of the entire product is included.

The final step is to add a markup to the overall cost in order to determine a selling price that will allow for the anticipated level of profit.

To learn more about the total cost method refer to:

brainly.com/question/6480601.

#SPJ4

8 0
2 years ago
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