Answer:
A surplus exists in a market if the supply happens to be excessive
Explanation:
In a situation where there is surplus, this shows that the quantity supplied is more than the quantity demanded which would allow to incur low sales hence; there would be reduction in price in order to avert such and increase the demand.
Answer:
Advertising Expense , Cost of Merchandise Sold , Merchandise Inventory, Sales,Supplies Expense are closed to income summary account. Revenues and expenses are closed to Income Summary.
Explanation:
Closing Entries
a. Accounts Payable: No it is not closed to income summary account.
b. Advertising Expense: Yes it is closed to income summary account.
c. Cost of Merchandise Sold: Yes it is closed to income summary account.
d. Dividends : No these are closed To Retained Earnings Accounts.
e. Merchandise Inventory : Yes it is closed to income summary account
f. Sales Yes it is closed to income summary account
g. Supplies: No prepaid supplies are an asset account and it is included balance sheet.
h. Supplies Expense: Yes it is closed to income summary account
i. Wages Payable: Not closed in the income summary account.
These are liabilities and included in the balance sheet.
Answer:
A = P * (1 + r/n)^nt. Where A = Maturity amount = ? P = Principal amount = $8,000, r = Rate of interest = 6%, n = Number of compounding per year = 1, t = Number of year
a. t = 2
A = $8,000 * (1 + 0.06/1)^1*2
A = $8,000 * (1.06)^2
A = $8,000 * 1.1236
A = $8,988.80
b. t = 6
A = $8,000 * (1 + 0.06/1)^1*6
A = $8,000 * (1.06)^6
A = $8,000 * 1.418519
A = 11348.152
A = $11,348.15
c. t = 10
A = $8,000 * (1 + 0.06/1)^1*10
A = $8,000 * (1.06)^10
A = $8,000 * 1.7908477
A = 14326.7816
A = $14,326.78
d. t = 15
A = $8,000 * (1 + 0.06/1)^1*15
A = $8,000 * (1.06)^15
A = $8,000 * 2.3965581931
A = 19172.4655448
A = $19,172.47
The flow of money received on a sometimes a weekly, monthly, or yearly basis is known as SALARY.
Salary is the compensation employees received from their employers. It can be weekly, monthly, or yearly basis depending on the contract agreement between the two parties.
Answer:
on your goal or achievement
