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slega [8]
3 years ago
14

The following transactions occur for Badger Biking Company during the month of June:

Business
1 answer:
Sladkaya [172]3 years ago
8 0

Answer:

Assets                                                 = Liabilities         + Stockholders' equity

Accounts receivable $31,000(+)                                    Revenue  $31,000(+)

Cash                            $23000 (+)

Accounts receivable $23,000(-)

Bike  equipment        $16,000(+)     notes payable $16,000(+)

Cash                           $3,100(-)                               retained earnings$3,100(-)

Explanation:

The first transaction increases assets (accounts receivable) by $31000 while revenue (stockholders' equity) increased by the same amount

The cash receipt of $23,000 increases asset cash by $23,000 and decreases an asset, accounts receivable by the same amount.

The purchase of an asset by notes payable increases asset, bike equipment by $16,000, while liabilities(notes payable) also increases by $16,000

The payment of utilities for $3,100 decreases asset (cash) by $3,100 while stockholders equity (retained earnings) decreases by same amount.

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Consider a competitive market with a large number of identical firms. The firms in this market do not use any resources that are
lozanna [386]

Answer:

a. increase price in the short run but not in the long run.

Explanation:

The firms don't use resources that are available in limited quantities. So, as firm output increases, they can use resources in higher quantity but at the same price.

Therefore, as quantity demanded increases, the firms can supply higher quantity without any increase in resource cost. So, price  increase in short run but not in the long term.

4 0
3 years ago
Revenue expenditures
solmaris [256]

Answer:

Answer A

Explanation:

Revenue expenditures are the expenditures during period in which the asset has been put into its usage. They are often discussed in the context of fixed assets. For instance if a company installs new equipment and has monthly costs of its maintenance, these costs are revenue expenditures. Therefore, they only present additional costs that do not necessarily increase asset's life.

4 0
3 years ago
Knowing that you are buying one pound of bread is part of _____. contract enforcement property rights standards for weights and
SSSSS [86.1K]

<span>Knowing that you are buying one pound of bread is part of your rights as a buyer in the market. Because first and foremost, you give out your money and you are buying every crumble of the bread, meaning you already owned it.</span>

3 0
3 years ago
Read 2 more answers
What is "transfer pricing?" The prices established to record an intercompany sale The taxes paid on sales in a foreign country T
Lisa [10]

Answer:

Transfer pricing are the prices established to record inter-company sale

Explanation:

The transfer price is the price at which one arm of a business sells to the other.For instance,the price at which one division of a company sells to  another division,

The transfer price is very important in order that tax authority may see that the sale price charged is at arms length for all parties involved.

6 0
3 years ago
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The cashier for Bell Buoy rang up sales totaling $5,104, but had $5,120 to deposit, which journal entry would be recorded? Multi
alexandr402 [8]

Answer:

A debit to Cash for $5,120, a credit to Cash Overage for $16, and a credit to Sales Revenue for $5,104.

Explanation:

In the current situation, the cash received is in excess of revenue recorded, thus, there will be cash overage.

As per books cash shall be $5,104 but since actual cash is $5,120 there is cash overage of $16

Therefore, for this, actual cash received shall be debited = $1,520

Cash overage shall be credited for $16

And accordingly sales of $5,104 shall be recorded as a credit.

Thus, correct option is: Entry A

3 0
3 years ago
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