Based on the amount paid by Olive Company for the two year period, the adjusting entry on December 31 would be a debit to an expense and a credit to prepaid expense for $2,050.
<h3>What would be the adjusting entry?</h3>
Based on the accrual method, only costs for the year can be recorded as expenses.
If any costs are for other periods, those costs would be credited to prepaid expenses.
The expense for this year for management services would be:
= Number of months from July to December x Amount paid / number of months in contract
= 6 months x 8,200 / 24 months
= $2,050
In conclusion, expenses will be debited $2,050.
Find out more on prepaid expenses at brainly.com/question/9270086.
Answer:
The increase labor cost that differs with the hours worked, there is no effect on the quasi cost.
Explanation:s
Solution
In this example stated, the benefits will be given to the part time workers, but in the proportion or respect to the number pf hours worked or input
Labor cost per hour will increase.
Furthermore, this cost is not is not on the basis of employment, but rather on the basis of hours worked, so the quasi fixed cost is not affected on the long run.
Answer:
C, Taxes
Explanation:
Tax is the financial levy or charge imposed on an individual by the government to fund its expenditure.
When a product is purchased, the ownership cost of the product does not include tax because a product is not taxable. The income from the product is taxable but not the product itself.
So when purchasing a product, asides from value added taxes which has been included in the product price, there is no continuous tax payment on the product after its been paid for.
Cheers.
Answer:
B. value of the country's exports minus the value of its imports
Explanation:
That is the definition of net exports in economics: the value of a nation's total exported goods and services minus the value of all imported goods and services (NX = EX - IM)
Net exports could be positive or negative, depending on whether exports are larger or smaller than imports
It is seen frequently in talking about GDP, with the national income of an open economy being the sum of Governemnt Spending, Consumption, Investment and Net Export (Y = G + C + I + EX - IM)