Option (d) the amount owed on a liability is correct.
Paying an amount on account reduces the amount owed on a liability.
<h3>What is liability?</h3>
- A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.
- There are various ways to define a liability's duration. The average duration (or mean term) of the liability is what is typically meant by the term "duration of liability" in actuarial valuation. In other terms, it refers to the typical rate of a liability's repayment.
- Liabilities can be used by businesses to increase liquidity if they are having cash flow issues. Most small and medium-sized enterprises lack the financial resources necessary to grow.
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Answer:
Assets and stockholder's equity shall be decreased by $850.
Explanation:
Every accounting transaction has an effect on the standard accounting equation, or at least an effect on its components.
Standard Accounting Equation is:
Assets = Liabilities + Stockholder's Equity
As in the given instance the company sponsors, a baseball league, thus, this is an expense.
This will reduce the revenue and ultimately retained earnings which are part of stockholder's equity.
This will also reduce assets in the form of cash outflow made to incur this expense.
Thus, assets and stockholder's equity shall be decreased by $850.
Answer: please refer to the explanation section
Explanation:
a.Rate of return = $5.50/$50 = 0.11 = 11%
b. Yes the firms earns Economic profits. The Normal rate of profit in the economy is 5%, the firm earns a rate of return of 11%, which is higher than Normal rate of profit in the economy.
c. The industry will see entry. The firm earns a return of that is 6% more than the normal rate of profit in the economy, ,more firms will find it profitable to enter the market
d. The industry is purely competitive, as more Firms will enter the market/industry extra profit will diminish. the firms will earn normal rate of profits in the long run
Answer: A. how to prevent transmission of infection
Explanation:
Microbiology deals with understanding microorganisms such as bacteria, viruses, fungi and others. Some of these microorganisms are the cause of infections when they come in contact with other living things.
In studying microbiology as part of cosmetology, Nancy will most probably gain knowledge on how to prevent transmission of these microorganisms that cause infection.
