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siniylev [52]
3 years ago
15

The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit:

Business
1 answer:
Dmitry [639]3 years ago
4 0

Answer:

Dr Owner capital account $275

Cr Drawings Account              $275

Explanation:

The initial entry was:

Dr Drawings $275

Cr Inventory               $275

And the closing entry is to close the drawing account which is done by crediting the whole balance left in the drawing account and charging it to owner capital account. By doing so the drawing shows lowers the profit as the owner has not paid any cash and the drawing account closes at zero balance at the end of the year.

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Classifying Cash Flows Identify the type of cash flow activity for each of the following events (operating, investing, or financ
Sphinxa [80]

Answer:

Cash Flow activities for each event are:

a. Redeemed bonds                       (Financing activity)

b. Issued preferred stock              (Financing activity)

c. Paid cash dividends                   (Financing activity)

d. Net income                                  (Operating activity)

e. Sold equipment                         (Investing activity)

f.  Purchased treasury stock        (Financing activity)

g. Purchased patents                     (Investing activity)

h. Purchased buildings                   (Investing activity)

i. Sold long-term investments        (Investing activity)

j. Issued bonds                                (Financing activity)

k. Issued common stock                (Financing activity)

<u>NOTE</u>

-Operating activities entails cash activities related to net income.

-Investing activities encompasses cash activities related to non-current assets.

-Financing activities include cash activities related to owners' equity and non-current liabilities

7 0
3 years ago
A deadweight loss is a consequence of a tax on a good because the tax a. induces the government to increase its expenditures. b.
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Answer:

B) induces buyers to consume less, and sellers to produce less.

Explanation:

Taxes are a necessary evil since they always increase the price of the goods and services that consumers buy and decrease the amount of money that producers receive from selling their goods and services. But taxes are necessary and unavoidable.

But once a market assumes all the effects of existing taxes it reaches an equilibrium price that both consumers and producers are satisfied with. If a new tax is levied than the deadweight losses are greater since consumer surplus and producer surplus are both reduced. This will lead to a reduction in the incentive that both consumers and producers have to engage in transactions. Many times consumers will substitute heavily taxed goods for other goods since they feel they are getting more from consuming those goods (consumer surplus). The same happens to producers, many producers will change their heavily taxed goods for other goods.

If the price elasticity of demand or supply of a certain good is large (elastic demand and supply), the deadweight loss will be greater.

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3 years ago
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Answer:

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To establish the particular procedures and processes to be used in the completion of the job task.

So, the systematic management is the one which focus on the internal operations as managers are concerned with the growth brought about through the Industrial Revolution.

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Answer:

If oligopolists engaged in some sort of collusion, industry output would be smaller_____ and price would be _higher____ than under perfect competition.

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False, because you can't really use those animals for a service.
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